ProShares Ultra Correlations

EFO Etf

USD 49.51 0.70 1.39%

The current 90-days correlation between ProShares Ultra MSCI and ProShares Ultra MSCI is 0.76 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra MSCI moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Very weak diversification

The correlation between ProShares Ultra MSCI and DJI is 0.55 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra MSCI and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ProShares Ultra MSCI. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with ProShares Etf

0.9	GDXU	MicroSectors Gold Miners	Pair Corr
0.62	PG	Procter Gamble	Pair Corr
0.94	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.7	CSCO	Cisco Systems	Pair Corr
0.93	JNJ	Johnson Johnson	Pair Corr
0.78	TRV	The Travelers Companies	Pair Corr
0.81	IBM	International Business	Pair Corr
0.8	GE	GE Aerospace	Pair Corr
0.63	XOM	Exxon Mobil Corp	Pair Corr
0.67	INTC	Intel	Pair Corr
0.8	MCD	McDonalds	Pair Corr
0.89	KO	Coca Cola	Pair Corr

Moving against ProShares Etf

0.66	WTMF	WisdomTree Managed	Pair Corr
0.65	TECL	Direxion Daily Technology	Pair Corr
0.58	LABU	Direxion Daily SP	Pair Corr
0.54	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.51	QLD	ProShares Ultra QQQ	Pair Corr
0.47	OIH	VanEck Oil Services	Pair Corr
0.44	SPXL	Direxion Daily SP500	Pair Corr
0.44	UPRO	ProShares UltraPro SP500	Pair Corr
0.43	GUSH	Direxion Daily SP	Pair Corr
0.41	SSO	ProShares Ultra SP500	Pair Corr
0.39	ARKW	ARK Next Generation	Pair Corr
0.74	MSFT	Microsoft	Pair Corr
0.68	AA	Alcoa Corp	Pair Corr
0.62	MRK	Merck Company	Pair Corr
0.57	CAT	Caterpillar	Pair Corr
0.52	DIS	Walt Disney	Pair Corr
0.48	AXP	American Express	Pair Corr
0.42	BAC	Bank of America	Pair Corr

Related Correlations Analysis

	EET	EZJ	UPV	LTL	XPP
EET		0.9	0.85	0.33	0.89	EET
EZJ	0.9		0.87	0.25	0.85	EZJ
UPV	0.85	0.87		0.16	0.95	UPV
LTL	0.33	0.25	0.16		0.07	LTL
XPP	0.89	0.85	0.95	0.07		XPP
	EET	EZJ	UPV	LTL	XPP

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ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 ProShares Ultra'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
EET	1.61	0.13	0.06	0.06	2.02	(1.64)	3.45	(3.69)	11.00
EZJ	1.54	0.18	0.09	0.08	1.81	(1.75)	3.24	(2.62)	8.61
UPV	1.48	0.33	0.17	0.24	1.73	(1.58)	2.77	(2.71)	10.20
LTL	1.60	(0.02)	0.00	(0.08)	0.00	0.00	2.43	(3.53)	8.61
XPP	2.74	0.59	0.18	0.66	3.01	(2.96)	5.37	(5.71)	16.04

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