Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Mid
MIDU Etf  USD 42.81  0.76  1.74%   
The current 90-days correlation between Direxion Daily Mid and Direxion Daily Retail is 0.81 (i.e., Very poor 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

Poor diversification

The correlation between Direxion Daily Mid and DJI is 0.75 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Mid 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 Mid. 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 Direxion Etf

  0.93SSO ProShares Ultra SP500PairCorr
  0.93SPXL Direxion Daily SP500PairCorr
  0.91QLD ProShares Ultra QQQPairCorr
  0.93UPRO ProShares UltraPro SP500PairCorr
  0.88TECL Direxion Daily TechnologyPairCorr
  0.82LABU Direxion Daily SPPairCorr
  0.73GUSH Direxion Daily SPPairCorr
  0.81FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.84OIH VanEck Oil ServicesPairCorr
  0.91ARKW ARK Next GenerationPairCorr
  0.95WTMF WisdomTree ManagedPairCorr
  0.85BST BlackRock Science TechPairCorr
  0.83CAT CaterpillarPairCorr
  0.74AA Alcoa CorpPairCorr
  0.94AXP American ExpressPairCorr
  0.76DIS Walt DisneyPairCorr
  0.89BAC Bank of AmericaPairCorr
  0.83MSFT MicrosoftPairCorr

Moving against Direxion Etf

  0.49GDXU MicroSectors Gold MinersPairCorr
  0.43PG Procter GamblePairCorr
  0.7JNJ Johnson JohnsonPairCorr
  0.69KO Coca ColaPairCorr
  0.68TRV The Travelers CompaniesPairCorr
  0.62T ATT Inc Earnings Call TomorrowPairCorr
  0.61MCD McDonaldsPairCorr
  0.35XOM Exxon Mobil CorpPairCorr
  0.33INTC IntelPairCorr
  0.32IBM International BusinessPairCorr

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   
TPOR
+ 0.89
DUSL
TPOR
+ 0.73
RETL
DUSL
+ 0.66
RETL
DRN
+ 0.61
EURL
DRN
+ 0.28
DUSL
DRN
+ 0.18
TPOR
  
High negative correlations   
EURL
- 0.8
RETL
EURL
- 0.35
TPOR
EURL
- 0.23
DUSL
DRN
- 0.2
RETL

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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