ProShares Short Correlations

MYY Etf

USD 19.07 0.06 0.32%

The current 90-days correlation between ProShares Short MidCap400 and Direxion Daily Small is -0.2 (i.e., Good diversification). The correlation of ProShares Short 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 Short Correlation With Market

Good diversification

The correlation between ProShares Short MidCap400 and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Short MidCap400 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 Short MidCap400. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with ProShares Etf

0.84	SH	ProShares Short SP500	Pair Corr
0.78	SPXU	ProShares UltraPro Short	Pair Corr
0.79	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.8	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.98	RWM	ProShares Short Russ	Pair Corr
0.82	SPDN	Direxion Daily SP	Pair Corr
0.92	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.66	ROKT	SPDR SP Kensho	Pair Corr
0.6	TECL	Direxion Daily Technology	Pair Corr
0.58	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.51	QLD	ProShares Ultra QQQ	Pair Corr
0.31	FNGU	MicroSectors FANG Index	Pair Corr
0.31	FNGO	MicroSectors FANG Index	Pair Corr
0.78	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
0.74	HD	Home Depot	Pair Corr
0.69	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.67	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.65	AA	Alcoa Corp Downward Rally	Pair Corr
0.6	DIS	Walt Disney	Pair Corr
0.6	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.56	VOX	Vanguard Communication	Pair Corr
0.44	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.72	-0.52	-0.48	0.48	0.39	0.53	0.2	-0.07	-0.56	META
MSFT	0.72		-0.67	-0.42	0.6	-0.03	0.62	0.35	-0.27	-0.7	MSFT
UBER	-0.52	-0.67		0.56	-0.74	0.17	-0.78	-0.54	0.63	0.81	UBER
F	-0.48	-0.42	0.56		-0.13	-0.15	-0.15	0.18	0.04	0.74	F
T	0.48	0.6	-0.74	-0.13		-0.18	0.88	0.77	-0.65	-0.55	T
A	0.39	-0.03	0.17	-0.15	-0.18		-0.22	-0.44	0.65	0.18	A
CRM	0.53	0.62	-0.78	-0.15	0.88	-0.22		0.85	-0.75	-0.59	CRM
JPM	0.2	0.35	-0.54	0.18	0.77	-0.44	0.85		-0.82	-0.38	JPM
MRK	-0.07	-0.27	0.63	0.04	-0.65	0.65	-0.75	-0.82		0.45	MRK
XOM	-0.56	-0.7	0.81	0.74	-0.55	0.18	-0.59	-0.38	0.45		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

CRM	+ 0.88	T
JPM	+ 0.85	CRM
XOM	+ 0.81	UBER
JPM	+ 0.77	T
XOM	+ 0.74	F
MSFT	+ 0.72	META

High negative correlations

MRK	- 0.82	JPM
CRM	- 0.78	UBER
MRK	- 0.75	CRM
T	- 0.74	UBER
XOM	- 0.7	MSFT
UBER	- 0.67	MSFT

ProShares Short Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Short 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 Short'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	1.26	0.07	0.04	0.32	1.44	(1.43)	2.62	(3.15)	7.43
MSFT	0.90	(0.04)	0.00	2.27	0.00	0.00	1.78	(2.23)	8.14
UBER	1.72	(0.19)	0.00	(0.96)	0.00	0.00	2.67	(5.35)	20.41
F	1.39	(0.10)	0.00	(0.34)	0.00	0.00	2.38	(2.81)	11.21
T	0.95	0.08	0.05	(0.34)	1.16	(0.98)	1.93	(1.99)	7.95
A	1.12	(0.12)	0.00	(0.34)	0.00	0.00	2.43	(2.42)	8.06
CRM	1.47	0.33	0.20	6.67	1.34	(1.70)	3.18	(2.88)	14.80
JPM	1.06	0.26	0.19	(17.88)	1.04	(1.25)	1.99	(1.42)	15.87
MRK	0.98	(0.20)	0.00	(1.81)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.77	(0.15)	0.00	(0.76)	0.00	0.00	1.71	(2.14)	6.06

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