Direxion Daily Sp Etf Market Value
| SPDN Etf | USD 10.80 0.06 0.55% |
| Symbol | Direxion |
The market value of Direxion Daily SP is measured differently than its book value, which is the value of Direxion that is recorded on the company's balance sheet. Investors also form their own opinion of Direxion Daily's value that differs from its market value or its book value, called intrinsic value, which is Direxion Daily's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Direxion Daily's market value can be influenced by many factors that don't directly affect Direxion Daily's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Direxion Daily's value and its price as these two are different measures arrived at by different means. Investors typically determine if Direxion Daily is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Direxion Daily's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Direxion Daily 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Direxion Daily's etf what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Direxion Daily.
| 11/01/2024 |
| 12/01/2024 |
If you would invest 0.00 in Direxion Daily on November 1, 2024 and sell it all today you would earn a total of 0.00 from holding Direxion Daily SP or generate 0.0% return on investment in Direxion Daily over 30 days. Direxion Daily is related to or competes with ProShares Short, Direxion Daily, ProShares Short, ProShares Short, and Direxion Daily. The fund, under normal circumstances, invests in swap agreements, futures contracts, short positions or other financial ... More
Direxion Daily Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Direxion Daily's etf current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Direxion Daily SP upside and downside potential and time the market with a certain degree of confidence.
| Information Ratio | (0.29) | |||
| Maximum Drawdown | 4.51 | |||
| Value At Risk | (1.06) | |||
| Potential Upside | 1.28 |
Direxion Daily Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Direxion Daily's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Direxion Daily's standard deviation. In reality, there are many statistical measures that can use Direxion Daily historical prices to predict the future Direxion Daily's volatility.| Risk Adjusted Performance | (0.09) | |||
| Jensen Alpha | 0.0093 | |||
| Total Risk Alpha | (0.22) | |||
| Treynor Ratio | 0.1165 |
Sophisticated investors, who have witnessed many market ups and downs, anticipate that the market will even out over time. This tendency of Direxion Daily's price to converge to an average value over time is called mean reversion. However, historically, high market prices usually discourage investors that believe in mean reversion to invest, while low prices are viewed as an opportunity to buy.
Direxion Daily SP Backtested Returns
Direxion Daily SP secures Sharpe Ratio (or Efficiency) of -0.15, which denotes the etf had a -0.15% return per unit of risk over the last 3 months. Direxion Daily SP exposes twenty-four different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please confirm Direxion Daily's Standard Deviation of 0.7616, mean deviation of 0.5352, and Variance of 0.58 to check the risk estimate we provide. The etf shows a Beta (market volatility) of -0.83, which means possible diversification benefits within a given portfolio. As returns on the market increase, returns on owning Direxion Daily are expected to decrease at a much lower rate. During the bear market, Direxion Daily is likely to outperform the market.
Auto-correlation | 0.86 |
Very good predictability
Direxion Daily SP has very good predictability. Overlapping area represents the amount of predictability between Direxion Daily time series from 1st of November 2024 to 16th of November 2024 and 16th of November 2024 to 1st of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Direxion Daily SP price movement. The serial correlation of 0.86 indicates that approximately 86.0% of current Direxion Daily price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.86 | |
| Spearman Rank Test | 0.68 | |
| Residual Average | 0.0 | |
| Price Variance | 0.01 |
Direxion Daily SP lagged returns against current returns
Autocorrelation, which is Direxion Daily etf's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Direxion Daily's etf expected returns. We can calculate the autocorrelation of Direxion Daily returns to help us make a trade decision. For example, suppose you find that Direxion Daily has exhibited high autocorrelation historically, and you observe that the etf is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Direxion Daily regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Direxion Daily etf is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Direxion Daily etf is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Direxion Daily etf over time.
Current vs Lagged Prices |
| Timeline |
Direxion Daily Lagged Returns
When evaluating Direxion Daily's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Direxion Daily etf have on its future price. Direxion Daily autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Direxion Daily autocorrelation shows the relationship between Direxion Daily etf current value and its past values and can show if there is a momentum factor associated with investing in Direxion Daily SP.
Regressed Prices |
| Timeline |
Pair Trading with Direxion Daily
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Direxion Daily position performs unexpectedly, the other equity 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 Direxion Daily will appreciate offsetting losses from the drop in the long position's value.Moving together with Direxion Etf
| 1.0 | SH | ProShares Short SP500 | PairCorr |
| 0.98 | PSQ | ProShares Short QQQ | PairCorr |
| 1.0 | SPXU | ProShares UltraPro Short | PairCorr |
| 1.0 | SDS | ProShares UltraShort | PairCorr |
| 1.0 | SPXS | Direxion Daily SP | PairCorr |
Moving against Direxion Etf
| 0.99 | VTI | Vanguard Total Stock | PairCorr |
| 0.99 | SPY | SPDR SP 500 Aggressive Push | PairCorr |
| 0.99 | IVV | iShares Core SP | PairCorr |
| 0.98 | VUG | Vanguard Growth Index | PairCorr |
| 0.96 | VTV | Vanguard Value Index | PairCorr |
The ability to find closely correlated positions to Direxion Daily could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Direxion Daily when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Direxion Daily - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Direxion Daily SP to buy it.
The correlation of Direxion Daily is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily SP moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Direxion Daily can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Direxion Daily Correlation, Direxion Daily Volatility and Direxion Daily Alpha and Beta module to complement your research on Direxion Daily. You can also try the Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Direxion Daily technical etf analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, etf market cycles, or different charting patterns.