Direxion Daily Correlations

HIBS Etf

USD 16.63 0.06 0.36%

The current 90-days correlation between Direxion Daily SP and ProShares UltraShort MSCI is -0.03 (i.e., Good diversification). The correlation of Direxion Daily 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 Daily Correlation With Market

Pay attention - limited upside

The correlation between Direxion Daily SP and DJI is -0.71 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP 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 SP. 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 labor statistics.

Moving together with Direxion Etf

0.89	SH	ProShares Short SP500	Pair Corr
0.91	PSQ	ProShares Short QQQ	Pair Corr
0.94	SPXU	ProShares UltraPro Short	Pair Corr
0.94	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.94	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.91	QID	ProShares UltraShort QQQ	Pair Corr
0.85	RWM	ProShares Short Russ	Pair Corr
0.94	SPDN	Direxion Daily SP	Pair Corr
0.77	TAIL	Cambria Tail Risk	Pair Corr
0.91	DOG	ProShares Short Dow30	Pair Corr
0.72	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr

Moving against Direxion Etf

0.79	ATMP	Barclays ETN Select	Pair Corr
0.77	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.76	AMZA	InfraCap MLP ETF	Pair Corr
0.72	MLPR	ETRACS Quarterly Pay	Pair Corr
0.61	DIG	ProShares Ultra Oil	Pair Corr
0.57	USD	ProShares Ultra Semi Buyout Trend	Pair Corr
0.54	SGG	Barclays Capital	Pair Corr
0.88	HD	Home Depot	Pair Corr
0.85	CSCO	Cisco Systems	Pair Corr
0.82	CAT	Caterpillar Sell-off Trend	Pair Corr
0.82	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.77	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.77	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.6	HPQ	HP Inc	Pair Corr
0.59	IBM	International Business Fiscal Year End 22nd of January 2025	Pair Corr
0.59	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.43	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Related Correlations Analysis

	BZQ	EWV	EUO	EFU	EEV
BZQ		0.21	0.87	0.66	0.34	BZQ
EWV	0.21		0.47	0.74	0.26	EWV
EUO	0.87	0.47		0.88	0.33	EUO
EFU	0.66	0.74	0.88		0.49	EFU
EEV	0.34	0.26	0.33	0.49		EEV
	BZQ	EWV	EUO	EFU	EEV

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Direxion Daily Constituents 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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
BZQ	2.02	0.28	0.08	3.27	2.22	(2.25)	5.96	(4.16)	12.43
EWV	1.64	0.10	0.00	0.01	0.00	0.00	3.70	(2.94)	8.55
EUO	0.69	0.13	0.07	0.52	0.71	(0.71)	1.49	(1.30)	5.26
EFU	1.26	0.14	(0.02)	(0.12)	1.41	(1.43)	2.64	(2.09)	6.63
EEV	1.66	(0.16)	0.00	(0.66)	0.00	0.00	4.01	(4.69)	10.02

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