ProShares Correlations

MAKX Etf

USD 42.16 0.35 0.82%

The current 90-days correlation between ProShares SP Kensho and ProShares Big Data is 0.79 (i.e., Poor diversification). The correlation of ProShares 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.

ProShares Correlation With Market

Poor diversification

The correlation between ProShares SP Kensho and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares SP Kensho 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 ProShares SP Kensho. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ProShares Etf

0.81	VGT	Vanguard Information	Pair Corr
0.74	XLK	Technology Select Sector	Pair Corr
0.89	IYW	iShares Technology ETF	Pair Corr
0.89	CIBR	First Trust NASDAQ	Pair Corr
0.9	FTEC	Fidelity MSCI Information	Pair Corr
0.9	IGV	iShares Expanded Tech	Pair Corr
0.98	FDN	First Trust Dow	Pair Corr
0.91	IGM	iShares Expanded Tech	Pair Corr
0.83	DIG	ProShares Ultra Oil	Pair Corr
0.74	MLPR	ETRACS Quarterly Pay	Pair Corr
0.92	ATMP	Barclays ETN Select Low Volatility	Pair Corr
0.78	AMZA	InfraCap MLP ETF	Pair Corr
0.81	YCS	ProShares UltraShort Yen	Pair Corr
0.78	TBT	ProShares UltraShort	Pair Corr
0.78	BAC	Bank of America Aggressive Push	Pair Corr
0.81	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.8	JPM	JPMorgan Chase Sell-off Trend	Pair Corr
0.72	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.65	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr
0.64	HPQ	HP Inc	Pair Corr
0.77	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr

Moving against ProShares Etf

0.71	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.7	KO	Coca Cola Sell-off Trend	Pair Corr
0.66	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.27	0.55	0.01	0.55	0.04	0.64	0.28	-0.53	0.72	META
MSFT	0.27		0.22	0.13	0.18	-0.01	0.03	-0.12	0.12	-0.19	MSFT
UBER	0.55	0.22		-0.06	-0.06	0.27	-0.01	-0.14	0.08	0.35	UBER
F	0.01	0.13	-0.06		0.14	-0.38	0.44	0.67	-0.31	0.3	F
T	0.55	0.18	-0.06	0.14		-0.5	0.79	0.6	-0.78	0.38	T
A	0.04	-0.01	0.27	-0.38	-0.5		-0.47	-0.62	0.64	-0.01	A
CRM	0.64	0.03	-0.01	0.44	0.79	-0.47		0.85	-0.91	0.65	CRM
JPM	0.28	-0.12	-0.14	0.67	0.6	-0.62	0.85		-0.83	0.48	JPM
MRK	-0.53	0.12	0.08	-0.31	-0.78	0.64	-0.91	-0.83		-0.56	MRK
XOM	0.72	-0.19	0.35	0.3	0.38	-0.01	0.65	0.48	-0.56		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	CRM
CRM	+ 0.79	T
XOM	+ 0.72	META
JPM	+ 0.67	F
XOM	+ 0.65	CRM
CRM	+ 0.64	META

High negative correlations

MRK	- 0.91	CRM
MRK	- 0.83	JPM
MRK	- 0.78	T
JPM	- 0.62	A
XOM	- 0.56	MRK
MRK	- 0.53	META

ProShares Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares 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' 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	1.06	0.06	0.02	0.20	1.40	(1.15)	2.62	(3.15)	8.02
MSFT	0.92	(0.05)	(0.05)	0.05	1.49	(0.89)	2.09	(1.85)	8.19
UBER	1.62	(0.12)	(0.05)	0.00	2.30	(1.74)	2.69	(2.53)	20.10
F	1.46	(0.15)	(0.04)	0.01	2.23	(1.47)	2.53	(2.90)	11.21
T	0.92	0.28	0.15	(7.88)	0.85	(1.05)	2.56	(1.72)	6.47
A	1.17	(0.09)	0.00	(0.05)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.34	0.21	0.16	0.30	1.16	(1.53)	3.18	(1.93)	9.09
JPM	1.12	(0.01)	0.06	0.11	1.40	(1.21)	2.05	(2.00)	15.87
MRK	0.91	(0.21)	0.00	(0.74)	0.00	0.00	2.00	(2.13)	4.89
XOM	1.01	(0.05)	(0.08)	0.02	1.33	(1.07)	2.10	(2.09)	5.74

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