Direxion NASDAQ Correlations

QQQE Etf  USD 90.87  0.14  0.15%   
The current 90-days correlation between Direxion NASDAQ 100 and First Trust NASDAQ 100 is 0.99 (i.e., No risk reduction). The correlation of Direxion NASDAQ 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.

Direxion NASDAQ Correlation With Market

Poor diversification

The correlation between Direxion NASDAQ 100 Equal 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 Direxion NASDAQ 100 Equal and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Direxion NASDAQ 100 Equal. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with Direxion Etf

  0.77VUG Vanguard Growth IndexPairCorr
  0.75IWF iShares Russell 1000PairCorr
  0.82IVW iShares SP 500PairCorr
  0.82SPYG SPDR Portfolio SPPairCorr
  0.81IUSG iShares Core SPPairCorr
  0.75VONG Vanguard Russell 1000PairCorr
  0.76MGK Vanguard Mega CapPairCorr
  0.75VRGWX Vanguard Russell 1000PairCorr
  0.83QQQM Invesco NASDAQ 100PairCorr
  0.72IWY iShares Russell TopPairCorr
  0.68HPQ HP IncPairCorr
  0.77AXP American ExpressPairCorr
  0.87WMT WalmartPairCorr
  0.61DD Dupont De NemoursPairCorr
  0.78BAC Bank of America Aggressive PushPairCorr

Moving against Direxion Etf

  0.41TRV The Travelers CompaniesPairCorr

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   
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SPHBQQXT
  
High negative correlations   
RSPRYT
SPHBRYT
QQXTRYT
RYTQQEW

Direxion NASDAQ Constituents Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion NASDAQ 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 NASDAQ'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.