Correlation Between Tuttle Capital and ProShares Ultra
Can any of the company-specific risk be diversified away by investing in both Tuttle Capital and ProShares Ultra 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 Tuttle Capital and ProShares Ultra into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tuttle Capital Management and ProShares Ultra Consumer, you can compare the effects of market volatilities on Tuttle Capital and ProShares Ultra 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 Tuttle Capital with a short position of ProShares Ultra. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tuttle Capital and ProShares Ultra.
Diversification Opportunities for Tuttle Capital and ProShares Ultra
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Tuttle and ProShares is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Tuttle Capital Management and ProShares Ultra Consumer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares Ultra Consumer and Tuttle Capital 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 Tuttle Capital Management are associated (or correlated) with ProShares Ultra. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Ultra Consumer has no effect on the direction of Tuttle Capital i.e., Tuttle Capital and ProShares Ultra go up and down completely randomly.
Pair Corralation between Tuttle Capital and ProShares Ultra
If you would invest 1,503 in ProShares Ultra Consumer on August 27, 2024 and sell it today you would earn a total of 454.00 from holding ProShares Ultra Consumer or generate 30.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Tuttle Capital Management vs. ProShares Ultra Consumer
Performance |
| Timeline |
| Tuttle Capital Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ProShares Ultra Consumer |
Tuttle Capital and ProShares Ultra Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tuttle Capital and ProShares Ultra
The main advantage of trading using opposite Tuttle Capital and ProShares Ultra positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tuttle Capital position performs unexpectedly, ProShares Ultra 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 ProShares Ultra will offset losses from the drop in ProShares Ultra's long position.| Tuttle Capital vs. Morningstar Unconstrained Allocation | Tuttle Capital vs. High Yield Municipal Fund | Tuttle Capital vs. Via Renewables | Tuttle Capital vs. Knife River |
| ProShares Ultra vs. Direxion Daily SP | ProShares Ultra vs. Direxion Daily Semiconductor | ProShares Ultra vs. Direxion Daily Semiconductor |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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