ProShares Hedge Correlations

Etfs . USA . 
Etf . ProShares Hedge Replication
HDG Etf  USD 49.20  0.47  0.95%   
The current 90-days correlation between ProShares Hedge Repl and ProShares Merger ETF is 0.39 (i.e., Weak diversification). The correlation of ProShares Hedge 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.

ProShares Hedge Correlation With Market

Poor diversification

The correlation between ProShares Hedge Replication and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Hedge Replication 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 ProShares Hedge Replication. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with ProShares Etf

  0.97QAI IQ Hedge MultiPairCorr
  0.94HFND Tidal ETF TrustPairCorr
  0.7UPRO ProShares UltraPro SP500PairCorr
  0.8QTJA Innovator ETFs Trust Low VolatilityPairCorr
  0.78QTOC Innovator ETFs Trust Low VolatilityPairCorr
  0.83XTOC Innovator ETFs TrustPairCorr
  0.89QTAP Innovator Growth 100 Low VolatilityPairCorr
  0.84XTJA Innovator ETFs TrustPairCorr
  0.85XTAP Innovator Equity AccPairCorr
  0.65CSCO Cisco SystemsPairCorr
  0.69BA BoeingPairCorr
  0.63GE GE AerospacePairCorr
  0.64AXP American ExpressPairCorr
  0.89JPM JPMorgan ChasePairCorr

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   
MNA
+ 0.87
MRGR
CSM
+ 0.85
QAI
RINF
+ 0.68
CSM
RINF
+ 0.57
QAI
QAI
+ 0.29
MRGR
  
High negative correlations   
MNA
- 0.46
CSM
RINF
- 0.36
MNA
CSM
- 0.13
MRGR
RINF
- 0.11
MRGR
MNA
- 0.01
QAI

ProShares Hedge Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Hedge 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 Hedge'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.

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