Direxion Daily Correlations

LABD Etf

USD 6.71 0.19 2.91%

The current 90-days correlation between Direxion Daily SP and Direxion Daily SP is -0.99 (i.e., Pay attention - limited upside). 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.

Direxion Daily Correlation With Market

Very good diversification

The correlation between Direxion Daily SP and DJI is -0.49 (i.e., Very good diversification) 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 Correlation 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 against Direxion Etf

0.32

GE Aerospace Fiscal Year End 28th of January 2025

Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.42	-0.28	-0.07	0.51	0.28	0.43	0.43	-0.4	0.02	META
MSFT	0.42		-0.49	0.04	0.36	0.16	0.32	0.17	0.1	-0.72	MSFT
UBER	-0.28	-0.49		0.05	-0.7	0.11	-0.66	-0.46	0.4	0.47	UBER
F	-0.07	0.04	0.05		0.25	-0.54	0.22	0.51	-0.36	0.25	F
T	0.51	0.36	-0.7	0.25		-0.29	0.78	0.85	-0.72	-0.17	T
A	0.28	0.16	0.11	-0.54	-0.29		-0.29	-0.46	0.57	-0.08	A
CRM	0.43	0.32	-0.66	0.22	0.78	-0.29		0.78	-0.7	-0.17	CRM
JPM	0.43	0.17	-0.46	0.51	0.85	-0.46	0.78		-0.87	0.11	JPM
MRK	-0.4	0.1	0.4	-0.36	-0.72	0.57	-0.7	-0.87		-0.25	MRK
XOM	0.02	-0.72	0.47	0.25	-0.17	-0.08	-0.17	0.11	-0.25		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.85	T
CRM	+ 0.78	T
JPM	+ 0.78	CRM
MRK	+ 0.57	A
T	+ 0.51	META
JPM	+ 0.51	F

High negative correlations

MRK	- 0.87	JPM
MRK	- 0.72	T
XOM	- 0.72	MSFT
MRK	- 0.7	CRM
T	- 0.7	UBER
CRM	- 0.66	UBER

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.15	0.21	0.11	0.55	1.25	(1.33)	3.22	(1.87)	8.02
MSFT	0.84	0.02	(0.01)	0.12	1.45	(0.79)	1.83	(1.57)	8.14
UBER	1.83	(0.28)	0.00	(0.13)	0.00	0.00	2.69	(5.35)	20.41
F	1.39	0.01	(0.03)	0.13	2.12	(1.42)	2.53	(2.79)	11.21
T	0.97	0.15	0.06	2.52	1.02	(1.08)	2.36	(1.99)	6.74
A	1.22	0.00	(0.04)	0.09	1.46	(1.30)	2.71	(2.41)	9.02
CRM	1.51	0.40	0.28	0.39	1.06	(1.77)	3.59	(1.93)	13.87
JPM	1.01	0.08	0.13	0.13	0.94	(1.19)	1.73	(1.42)	15.87
MRK	0.96	(0.20)	0.00	(0.82)	0.00	0.00	2.00	(2.17)	5.18
XOM	0.89	(0.02)	(0.07)	0.02	1.18	(0.97)	1.83	(1.96)	6.06

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