Direxion Shares Correlations

Etfs . USA . 
Etf . Direxion Shares ETF
HCMT Etf   31.52  0.17  0.54%   
The current 90-days correlation between Direxion Shares ETF and Strategy Shares is 0.54 (i.e., Very weak diversification). The correlation of Direxion Shares 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.

Direxion Shares Correlation With Market

Poor diversification

The correlation between Direxion Shares ETF and DJI is 0.6 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Shares ETF 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 Shares ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Direxion Etf

  0.97VTI Vanguard Total StockPairCorr
  0.97SPY SPDR SP 500PairCorr
  0.97IVV iShares Core SPPairCorr
  0.71VIG Vanguard DividendPairCorr
  0.96VV Vanguard Large CapPairCorr
  0.77RSP Invesco SP 500PairCorr
  0.97IWB iShares Russell 1000PairCorr
  0.98ESGU iShares ESG AwarePairCorr
  0.96DFAC Dimensional Core EquityPairCorr
  0.97SPLG SPDR Portfolio SPPairCorr
  0.99UPRO ProShares UltraPro SP500PairCorr
  0.91QTJA Innovator ETFs TrustPairCorr
  0.97QTOC Innovator ETFs TrustPairCorr
  0.93XTOC Innovator ETFs TrustPairCorr
  0.65QTAP Innovator Growth 100PairCorr
  0.87XTJA Innovator ETFs TrustPairCorr
  0.86HD Home DepotPairCorr
  0.89AXP American ExpressPairCorr
  0.63CAT CaterpillarPairCorr
  0.84DIS Walt DisneyPairCorr
  0.82BAC Bank of AmericaPairCorr
  0.77MSFT MicrosoftPairCorr

Moving against Direxion Etf

  0.48GDXU MicroSectors Gold MinersPairCorr
  0.65VZ Verizon CommunicationsPairCorr
  0.61JNJ Johnson JohnsonPairCorr
  0.53KO Coca ColaPairCorr
  0.46XOM Exxon Mobil CorpPairCorr
  0.39CVX Chevron CorpPairCorr

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   
DIVG
+ 0.95
DIVB
DIVB
+ 0.92
MBOX
DIVD
+ 0.92
MCHI
DIVG
+ 0.85
MBOX
MCHI
+ 0.85
DIEM
DIVD
+ 0.76
DIEM
  
High negative correlations   
DISO
- 0.53
DIPS
DISO
- 0.53
MCHI
DIVD
- 0.49
DISO
DISO
- 0.35
DIEM
DIPS
- 0.29
MBOX
MBOX
- 0.13
DHSB

Direxion Shares Constituents Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Shares 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 Shares' 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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