ProShares UltraShort Correlations

EPV Etf

USD 32.36 0.53 1.67%

The current 90-days correlation between ProShares UltraShort FTSE and ProShares UltraShort MSCI is 0.53 (i.e., Very weak diversification). The correlation of ProShares UltraShort 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ProShares UltraShort Correlation With Market

Modest diversification

The correlation between ProShares UltraShort FTSE and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort FTSE 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 UltraShort FTSE. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

Moving together with ProShares Etf

0.74	AA	Alcoa Corp	Pair Corr
0.77	MSFT	Microsoft Aggressive Push	Pair Corr

Moving against ProShares Etf

0.97	VEA	Vanguard FTSE Developed	Pair Corr
0.91	BND	Vanguard Total Bond	Pair Corr
0.89	GDXU	MicroSectors Gold Miners	Pair Corr
0.68	RWM	ProShares Short Russ	Pair Corr
0.62	TAIL	Cambria Tail Risk	Pair Corr
0.54	PSQ	ProShares Short QQQ	Pair Corr
0.54	QID	ProShares UltraShort QQQ	Pair Corr
0.53	SPDN	Direxion Daily SP	Pair Corr
0.52	SH	ProShares Short SP500	Pair Corr
0.48	SDS	ProShares UltraShort	Pair Corr
0.45	SPXU	ProShares UltraPro Short Downward Rally	Pair Corr
0.43	VTV	Vanguard Value Index	Pair Corr
0.41	SPXS	Direxion Daily SP Downward Rally	Pair Corr
0.94	T	ATT Inc Sell-off Trend	Pair Corr
0.94	JNJ	Johnson Johnson Sell-off Trend	Pair Corr
0.89	KO	Coca Cola	Pair Corr
0.8	IBM	International Business	Pair Corr
0.8	MCD	McDonalds	Pair Corr
0.79	GE	GE Aerospace	Pair Corr
0.66	CSCO	Cisco Systems	Pair Corr
0.64	PG	Procter Gamble	Pair Corr
0.63	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.45	DD	Dupont De Nemours	Pair Corr

Related Correlations Analysis

	BZQ	EWV	EUO	EFU	EEV
BZQ		0.83	0.45	0.84	0.81	BZQ
EWV	0.83		0.66	0.85	0.83	EWV
EUO	0.45	0.66		0.76	0.7	EUO
EFU	0.84	0.85	0.76		0.9	EFU
EEV	0.81	0.83	0.7	0.9		EEV
	BZQ	EWV	EUO	EFU	EEV

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ProShares UltraShort Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
BZQ	2.55	(0.29)	4.00	4.53	(5.87)	22.11
EWV	1.56	(0.07)	(0.17)	2.82	(3.49)	9.99
EUO	0.89	(0.08)	0.36	1.50	(2.17)	5.59
EFU	1.39	(0.24)	0.19	2.50	(3.64)	9.32
EEV	1.61	(0.13)	0.10	3.77	(3.13)	10.63

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