ProShares UltraShort Correlations

MZZ Etf

USD 9.55 0.24 2.45%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort SmallCap600 is 0.96 (i.e., Almost no diversification). The correlation of ProShares UltraShort 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 UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort MidCap400 and DJI is -0.79 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort 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 UltraShort 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 nation.

Moving together with ProShares Etf

0.82	SH	ProShares Short SP500	Pair Corr
0.81	SPXU	ProShares UltraPro Short	Pair Corr
0.79	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.81	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.99	RWM	ProShares Short Russ	Pair Corr
0.86	SPDN	Direxion Daily SP	Pair Corr
0.96	DOG	ProShares Short Dow30	Pair Corr
0.62	PFE	Pfizer Inc Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.88	EWC	iShares MSCI Canada	Pair Corr
0.75	HUM	Humana Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.7	WTMF	WisdomTree Managed	Pair Corr
0.61	OIH	VanEck Oil Services	Pair Corr
0.52	ARKW	ARK Next Generation	Pair Corr
0.48	BST	BlackRock Science Tech	Pair Corr
0.35	IRET	iREIT MarketVector	Pair Corr
0.84	CVX	Chevron Corp Fiscal Year End 7th of February 2025	Pair Corr
0.75	BAC	Bank of America Fiscal Year End 10th of January 2025	Pair Corr
0.66	JPM	JPMorgan Chase Fiscal Year End 10th of January 2025	Pair Corr
0.64	TRV	The Travelers Companies Fiscal Year End 17th of January 2025	Pair Corr
0.59	T	ATT Inc Fiscal Year End 22nd of January 2025	Pair Corr
0.58	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.56	DIS	Walt Disney	Pair Corr
0.45	WMT	Walmart	Pair Corr
0.42	HPQ	HP Inc	Pair Corr
0.4	INTC	Intel Fiscal Year End 23rd of January 2025	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.61	-0.49	-0.36	0.47	0.49	0.41	0.16	0.05	-0.47	META
MSFT	0.61		-0.61	-0.3	0.61	-0.03	0.69	0.45	-0.29	-0.64	MSFT
UBER	-0.49	-0.61		0.56	-0.7	0.08	-0.78	-0.54	0.64	0.81	UBER
F	-0.36	-0.3	0.56		-0.06	-0.23	-0.15	0.18	0.05	0.74	F
T	0.47	0.61	-0.7	-0.06		0.0	0.85	0.81	-0.64	-0.5	T
A	0.49	-0.03	0.08	-0.23	0.0		-0.07	-0.22	0.43	0.08	A
CRM	0.41	0.69	-0.78	-0.15	0.85	-0.07		0.85	-0.73	-0.59	CRM
JPM	0.16	0.45	-0.54	0.18	0.81	-0.22	0.85		-0.8	-0.38	JPM
MRK	0.05	-0.29	0.64	0.05	-0.64	0.43	-0.73	-0.8		0.45	MRK
XOM	-0.47	-0.64	0.81	0.74	-0.5	0.08	-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	+ 0.85	T
JPM	+ 0.85	CRM
XOM	+ 0.81	UBER
JPM	+ 0.81	T
XOM	+ 0.74	F
CRM	+ 0.69	MSFT

High negative correlations

MRK	- 0.8	JPM
CRM	- 0.78	UBER
MRK	- 0.73	CRM
T	- 0.7	UBER
MRK	- 0.64	T
XOM	- 0.64	MSFT

ProShares UltraShort Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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	1.20	0.03	0.01	0.10	1.46	(1.39)	2.62	(3.15)	7.43
MSFT	0.87	0.01	0.00	(0.09)	1.61	(0.80)	1.78	(1.73)	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	0.96	0.05	0.03	0.20	1.15	(0.99)	1.93	(1.99)	7.95
A	1.13	(0.10)	0.00	(0.54)	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	0.96	(0.21)	0.00	(0.89)	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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