Direxion Daily Correlations

AMZD Etf

USD 12.90 0.19 1.45%

The current 90-days correlation between Direxion Daily AMZN and Direxion Shares ETF is 0.37 (i.e., Weak diversification). 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Direxion Daily Correlation With Market

Excellent diversification

The correlation between Direxion Daily AMZN and DJI is -0.52 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily AMZN and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Direxion Daily AMZN. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Direxion Etf

0.92	SH	ProShares Short SP500	Pair Corr
0.91	PSQ	ProShares Short QQQ	Pair Corr
0.91	SPXU	ProShares UltraPro Short	Pair Corr
0.91	SDS	ProShares UltraShort	Pair Corr
0.91	SPXS	Direxion Daily SP	Pair Corr
0.91	QID	ProShares UltraShort QQQ	Pair Corr
0.93	RWM	ProShares Short Russ	Pair Corr
0.92	SPDN	Direxion Daily SP	Pair Corr
0.9	TAIL	Cambria Tail Risk	Pair Corr
0.87	DOG	ProShares Short Dow30	Pair Corr
0.69	BABX	GraniteShares 175x Long	Pair Corr
0.68	XPP	ProShares Ultra FTSE	Pair Corr
0.63	MOTI	VanEck Morningstar Low Volatility	Pair Corr
0.65	MNA	IQ Merger Arbitrage	Pair Corr
0.65	USTB	VictoryShares USAA Core	Pair Corr
0.77	DWSH	AdvisorShares Dorsey	Pair Corr
0.71	BOIL	ProShares Ultra Bloomberg Buyout Trend	Pair Corr
0.61	UBND	Victory Portfolios	Pair Corr
0.66	AVSF	American Century ETF	Pair Corr
0.63	FIVA	Fidelity International	Pair Corr
0.94	TWM	ProShares UltraShort	Pair Corr
0.67	LBAY	Tidal ETF Trust	Pair Corr
0.67	AIVI	WisdomTree International	Pair Corr
0.63	CAAA	First Trust Exchange	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.14	0.66	-0.48	0.43	0.36	0.16	0.89	-0.77	0.14	META
MSFT	-0.14		-0.64	0.31	-0.77	0.65	0.89	0.0	0.49	-0.33	MSFT
UBER	0.66	-0.64		-0.48	0.8	-0.23	-0.55	0.58	-0.86	0.46	UBER
F	-0.48	0.31	-0.48		-0.2	0.12	0.15	-0.38	0.62	0.23	F
T	0.43	-0.77	0.8	-0.2		-0.54	-0.68	0.25	-0.68	0.48	T
A	0.36	0.65	-0.23	0.12	-0.54		0.75	0.58	0.12	-0.11	A
CRM	0.16	0.89	-0.55	0.15	-0.68	0.75		0.24	0.3	-0.38	CRM
JPM	0.89	0.0	0.58	-0.38	0.25	0.58	0.24		-0.65	0.16	JPM
MRK	-0.77	0.49	-0.86	0.62	-0.68	0.12	0.3	-0.65		-0.31	MRK
XOM	0.14	-0.33	0.46	0.23	0.48	-0.11	-0.38	0.16	-0.31		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

JPM	+ 0.89	META
CRM	+ 0.89	MSFT
T	+ 0.8	UBER
CRM	+ 0.75	A
UBER	+ 0.66	META
A	+ 0.65	MSFT

High negative correlations

MRK	- 0.86	UBER
T	- 0.77	MSFT
MRK	- 0.77	META
MRK	- 0.68	T
CRM	- 0.68	T
MRK	- 0.65	JPM

Direxion Daily Competition Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Direxion Daily's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.61	0.01	0.00	(0.08)	0.00	0.00	2.57	(3.73)	8.90
MSFT	1.11	(0.15)	0.00	(0.32)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.94	0.22	0.10	0.31	2.41	(2.00)	4.72	(3.30)	12.75
F	1.44	0.07	0.00	(0.03)	0.00	0.00	2.71	(2.89)	10.14
T	1.05	0.26	0.17	0.38	1.59	(1.13)	1.90	(1.75)	11.66
A	1.13	(0.12)	0.00	(0.22)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.42	(0.23)	0.00	(0.30)	0.00	0.00	2.72	(3.81)	8.88
JPM	1.09	0.06	0.00	(0.04)	0.00	0.00	1.99	(3.35)	6.85
MRK	1.17	(0.07)	0.00	1.31	0.00	0.00	2.07	(1.80)	11.58
XOM	1.05	0.07	0.09	0.06	1.38	(1.09)	2.55	(2.36)	5.89

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