Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily SP
LABU Etf  USD 76.39  1.14  1.51%   
The current 90-days correlation between Direxion Daily SP and Direxion Daily SP is -1.0 (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. If the correlation is 0, the equities are not correlated; they are entirely random.

Direxion Daily Correlation With Market

Good diversification

The correlation between Direxion Daily SP and DJI is -0.12 (i.e., 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 together with Direxion Etf

  0.81SSO ProShares Ultra SP500PairCorr
  0.66SPXL Direxion Daily SP500PairCorr
  0.83QLD ProShares Ultra QQQPairCorr
  0.66UPRO ProShares UltraPro SP500PairCorr
  0.64TECL Direxion Daily TechnologyPairCorr
  0.61FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.62OIH VanEck Oil ServicesPairCorr
  0.79ARKW ARK Next GenerationPairCorr
  0.78WTMF WisdomTree ManagedPairCorr
  0.65BST BlackRock Science TechPairCorr
  0.72AXP American ExpressPairCorr
  0.61BAC Bank of AmericaPairCorr

Moving against Direxion Etf

  0.53GDXU MicroSectors Gold MinersPairCorr
  0.42PG Procter GamblePairCorr
  0.58KO Coca ColaPairCorr
  0.55JNJ Johnson JohnsonPairCorr
  0.54TRV The Travelers CompaniesPairCorr
  0.52MCD McDonaldsPairCorr
  0.48T ATT Inc Earnings Call TomorrowPairCorr
  0.4XOM Exxon Mobil 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   
TNA
+ 0.93
TECL
SOXS
+ 0.72
LABD
TECL
+ 0.69
SOXL
TNA
+ 0.63
SOXL
  
High negative correlations   
SOXS
- 0.95
SOXL
SOXL
- 0.69
LABD
SOXS
- 0.66
TECL
TNA
- 0.64
LABD
SOXS
- 0.63
TNA
TECL
- 0.61
LABD

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.

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