Correlation Between ProShares Ultra and Kelly Strategic
Can any of the company-specific risk be diversified away by investing in both ProShares Ultra and Kelly Strategic 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 Ultra and Kelly Strategic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares Ultra QQQ and Kelly Strategic Management, you can compare the effects of market volatilities on ProShares Ultra and Kelly Strategic 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 Ultra with a short position of Kelly Strategic. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Ultra and Kelly Strategic.
Diversification Opportunities for ProShares Ultra and Kelly Strategic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ProShares and Kelly is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra QQQ and Kelly Strategic Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kelly Strategic Mana and ProShares Ultra 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 Ultra QQQ are associated (or correlated) with Kelly Strategic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kelly Strategic Mana has no effect on the direction of ProShares Ultra i.e., ProShares Ultra and Kelly Strategic go up and down completely randomly.
Pair Corralation between ProShares Ultra and Kelly Strategic
If you would invest 9,965 in ProShares Ultra QQQ on September 2, 2024 and sell it today you would earn a total of 856.00 from holding ProShares Ultra QQQ or generate 8.59% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
ProShares Ultra QQQ vs. Kelly Strategic Management
Performance |
Timeline |
ProShares Ultra QQQ |
Kelly Strategic Mana |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ProShares Ultra and Kelly Strategic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ProShares Ultra and Kelly Strategic
The main advantage of trading using opposite ProShares Ultra and Kelly Strategic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Ultra position performs unexpectedly, Kelly Strategic 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 Kelly Strategic will offset losses from the drop in Kelly Strategic's long position.ProShares Ultra vs. ProShares Ultra SP500 | ProShares Ultra vs. ProShares UltraShort QQQ | ProShares Ultra vs. ProShares Ultra Dow30 | ProShares Ultra vs. ProShares Ultra Russell2000 |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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