Correlation Between ProShares Ultra and Invesco
Can any of the company-specific risk be diversified away by investing in both ProShares Ultra and Invesco 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 Invesco into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares Ultra Euro and Invesco, you can compare the effects of market volatilities on ProShares Ultra and Invesco 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 Invesco. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Ultra and Invesco.
Diversification Opportunities for ProShares Ultra and Invesco
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ProShares and Invesco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Euro and Invesco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invesco 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 Euro are associated (or correlated) with Invesco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invesco has no effect on the direction of ProShares Ultra i.e., ProShares Ultra and Invesco go up and down completely randomly.
Pair Corralation between ProShares Ultra and Invesco
If you would invest 1,058 in ProShares Ultra Euro on November 29, 2024 and sell it today you would earn a total of 6.00 from holding ProShares Ultra Euro or generate 0.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
ProShares Ultra Euro vs. Invesco
Performance |
| Timeline |
| ProShares Ultra Euro |
| Invesco |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
ProShares Ultra and Invesco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ProShares Ultra and Invesco
The main advantage of trading using opposite ProShares Ultra and Invesco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Ultra position performs unexpectedly, Invesco 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 Invesco will offset losses from the drop in Invesco's long position.| ProShares Ultra vs. ProShares Ultra Yen | ProShares Ultra vs. ProShares UltraShort Yen | ProShares Ultra vs. ProShares UltraShort Euro | ProShares Ultra vs. ProShares Ultra Consumer |
| Invesco vs. Goldman Sachs Access | Invesco vs. SPDR Barclays Short | Invesco vs. iShares 0 3 Month | Invesco vs. iShares Treasury Floating |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |