Correlation Between ProShares and WisdomTree 9060
Can any of the company-specific risk be diversified away by investing in both ProShares and WisdomTree 9060 at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ProShares and WisdomTree 9060 into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares SP Kensho and WisdomTree 9060 Balanced, you can compare the effects of market volatilities on ProShares and WisdomTree 9060 and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in ProShares with a short position of WisdomTree 9060. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares and WisdomTree 9060.
Diversification Opportunities for ProShares and WisdomTree 9060
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between ProShares and WisdomTree is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding ProShares SP Kensho and WisdomTree 9060 Balanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WisdomTree 9060 Balanced and ProShares is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ProShares SP Kensho are associated (or correlated) with WisdomTree 9060. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WisdomTree 9060 Balanced has no effect on the direction of ProShares i.e., ProShares and WisdomTree 9060 go up and down completely randomly.
Pair Corralation between ProShares and WisdomTree 9060
Given the investment horizon of 90 days ProShares SP Kensho is expected to under-perform the WisdomTree 9060. In addition to that, ProShares is 3.73 times more volatile than WisdomTree 9060 Balanced. It trades about -0.02 of its total potential returns per unit of risk. WisdomTree 9060 Balanced is currently generating about -0.01 per unit of volatility. If you would invest 5,464 in WisdomTree 9060 Balanced on November 8, 2025 and sell it today you would lose (35.00) from holding WisdomTree 9060 Balanced or give up 0.64% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
ProShares SP Kensho vs. WisdomTree 9060 Balanced
Performance |
| Timeline |
| ProShares SP Kensho |
| WisdomTree 9060 Balanced |
ProShares and WisdomTree 9060 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ProShares and WisdomTree 9060
The main advantage of trading using opposite ProShares and WisdomTree 9060 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares position performs unexpectedly, WisdomTree 9060 can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in WisdomTree 9060 will offset losses from the drop in WisdomTree 9060's long position.| ProShares vs. ProShares Smart Materials | ProShares vs. Horizon Nasdaq 100 Defined | ProShares vs. USCF Sustainable Battery | ProShares vs. Pacer BlueStar Engineering |
| WisdomTree 9060 vs. Pacer Funds Trust | WisdomTree 9060 vs. WisdomTree Earnings 500 | WisdomTree 9060 vs. Goldman Sachs MarketBeta | WisdomTree 9060 vs. Vanguard Russell 2000 |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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