Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Cloud
CLDL Etf  USD 16.52  0.29  1.79%   
The current 90-days correlation between Direxion Daily Cloud and Direxion Daily Travel is 0.59 (i.e., Very weak diversification). 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 Cloud moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Poor diversification

The correlation between Direxion Daily Cloud and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Cloud 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 Cloud. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Direxion Etf

  0.92SSO ProShares Ultra SP500PairCorr
  0.93SPXL Direxion Daily SP500PairCorr
  0.9QLD ProShares Ultra QQQPairCorr
  0.93UPRO ProShares UltraPro SP500PairCorr
  0.8TECL Direxion Daily TechnologyPairCorr
  0.91FNGU MicroSectors FANG IndexPairCorr
  0.94UYG ProShares Ultra FinaPairCorr
  0.97WEBL Direxion Daily DowPairCorr
  0.98BITX Volatility Shares Trust Buyout TrendPairCorr
  0.86CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.69HD Home DepotPairCorr
  0.94DIS Walt DisneyPairCorr
  0.94JPM JPMorgan Chase Sell-off TrendPairCorr
  0.69TRV The Travelers Companies Sell-off TrendPairCorr
  0.91T ATT Inc Fiscal Year End 22nd of January 2025 PairCorr

Moving against Direxion Etf

  0.59NRGU Bank Of MontrealPairCorr
  0.47LABU Direxion Daily SPPairCorr
  0.34VZ Verizon Communications Fiscal Year End 28th of January 2025 PairCorr
  0.92PFE Pfizer Inc Fiscal Year End 4th of February 2025 PairCorr
  0.88KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.54GE GE Aerospace Sell-off TrendPairCorr
  0.53DD Dupont De Nemours Fiscal Year End 4th of February 2025 PairCorr
  0.37MMM 3M Company Fiscal Year End 28th of January 2025 PairCorr

Related Correlations Analysis

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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   
WEBL
+ 0.96
OOTO
WEBL
+ 0.96
WANT
WANT
+ 0.88
OOTO
DUSL
+ 0.75
OOTO
DUSL
+ 0.64
WEBL
DUSL
+ 0.54
WANT
  
High negative correlations   
KLNE
- 0.16
WANT
KLNE
- 0.0
WEBL

Direxion Daily Constituents 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.

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