Direxion Daily Correlations

GGLL Etf  USD 35.63  0.70  2.00%   
The current 90-days correlation between Direxion Daily GOOGL and Direxion Daily AMZN is 0.62 (i.e., Poor 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 GOOGL moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Average diversification

The correlation between Direxion Daily GOOGL and DJI is 0.15 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily GOOGL and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily GOOGL. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Direxion Etf

  0.68FNGU MicroSectors FANG IndexPairCorr

Moving against Direxion Etf

  0.39BABX GraniteShares 175x Long Downward RallyPairCorr
  0.36UYG ProShares Ultra FinaPairCorr
  0.34GDXU MicroSectors Gold MinersPairCorr
  0.33LABU Direxion Daily SPPairCorr
  0.73XOM Exxon Mobil CorpPairCorr
  0.72DD Dupont De NemoursPairCorr
  0.69TRV The Travelers CompaniesPairCorr
  0.65JNJ Johnson JohnsonPairCorr
  0.61HPQ HP IncPairCorr
  0.53KO Coca ColaPairCorr
  0.47AA Alcoa CorpPairCorr
  0.42T ATT Inc Aggressive PushPairCorr

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   
JPMMETA
CRMMSFT
TMETA
TUBER
JPMUBER
XOMF
  
High negative correlations   
MRKMETA
MRKJPM
MRKT
MRKUBER
UBERMSFT
FMETA

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.36  0.28  0.17  0.57  1.44 
 3.22 
 7.11 
MSFT  1.03 (0.05) 0.00 (0.16) 0.00 
 2.20 
 10.31 
UBER  1.95  0.16  0.06  3.78  2.78 
 4.72 
 12.29 
F  1.35 (0.11) 0.00 (0.13) 0.00 
 2.55 
 10.97 
T  0.94  0.30  0.27  0.50  0.88 
 1.90 
 7.94 
A  1.07 (0.03) 0.00 (0.07) 0.00 
 2.81 
 9.03 
CRM  1.45 (0.15) 0.00 (0.22) 0.00 
 2.21 
 15.92 
JPM  0.89  0.14  0.11  0.15  1.16 
 1.97 
 6.85 
MRK  1.26 (0.10) 0.00 (2.54) 0.00 
 2.15 
 11.57 
XOM  0.91 (0.12) 0.00 (0.25) 0.00 
 1.76 
 5.69