Direxion Daily Correlations

GGLL Etf  USD 32.72  0.43  1.33%   
The current 90-days correlation between Direxion Daily GOOGL and Direxion Daily AMZN is 0.69 (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

Weak diversification

The correlation between Direxion Daily GOOGL and DJI is 0.34 (i.e., Weak 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

  0.76SSO ProShares Ultra SP500PairCorr
  0.78SPXL Direxion Daily SP500PairCorr
  0.79QLD ProShares Ultra QQQPairCorr
  0.77UPRO ProShares UltraPro SP500PairCorr
  0.82TECL Direxion Daily TechnologyPairCorr
  0.83LABU Direxion Daily SPPairCorr
  0.61GUSH Direxion Daily SPPairCorr
  0.75FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.71OIH VanEck Oil ServicesPairCorr
  0.76ARKW ARK Next GenerationPairCorr
  0.88WTMF WisdomTree ManagedPairCorr
  0.65BST BlackRock Science TechPairCorr
  0.81CAT CaterpillarPairCorr
  0.73AA Alcoa CorpPairCorr
  0.81AXP American ExpressPairCorr
  0.72DIS Walt DisneyPairCorr
  0.71BAC Bank of AmericaPairCorr
  0.86MSFT MicrosoftPairCorr

Moving against Direxion Etf

  0.71GDXU MicroSectors Gold MinersPairCorr
  0.55PG Procter GamblePairCorr
  0.88KO Coca ColaPairCorr
  0.87JNJ Johnson JohnsonPairCorr
  0.84T ATT Inc Earnings Call TomorrowPairCorr
  0.78MCD McDonaldsPairCorr
  0.77TRV The Travelers CompaniesPairCorr
  0.58XOM Exxon Mobil CorpPairCorr
  0.58INTC IntelPairCorr
  0.54IBM International BusinessPairCorr
  0.45GE GE AerospacePairCorr
  0.43CSCO Cisco SystemsPairCorr

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
TUBER
CRMA
AMSFT
JPMA
  
High negative correlations   
MRKUBER
TMSFT
MRKMETA
CRMT
MRKT
MRKJPM

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  1.59  0.02  0.00 (0.05) 0.00 
 2.57 
 8.90 
MSFT  1.12 (0.15) 0.00 (0.28) 0.00 
 2.58 
 10.31 
UBER  1.88  0.41  0.19  0.74  2.06 
 4.72 
 12.75 
F  1.47  0.07  0.03  0.00  2.22 
 2.71 
 10.14 
T  1.04  0.26  0.16  0.40  1.61 
 1.90 
 11.66 
A  1.15 (0.15) 0.00 (0.23) 0.00 
 2.92 
 9.03 
CRM  1.38 (0.27) 0.00 (0.31) 0.00 
 2.72 
 8.88 
JPM  1.10  0.09  0.05  0.02  1.74 
 1.99 
 6.85 
MRK  1.17 (0.11) 0.00  1.52  0.00 
 2.07 
 11.58 
XOM  1.06  0.11  0.10  0.17  1.39 
 2.55 
 5.89