ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Technology
ROM Etf  USD 57.00  2.88  4.81%   
The current 90-days correlation between ProShares Ultra Tech and ProShares Ultra Health is 0.13 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Technology and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Technology 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 ProShares Ultra Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with ProShares Etf

  0.93SSO ProShares Ultra SP500PairCorr
  0.94SPXL Direxion Daily SP500PairCorr
  0.98QLD ProShares Ultra QQQPairCorr
  0.94UPRO ProShares UltraPro SP500PairCorr
  1.0TECL Direxion Daily TechnologyPairCorr
  0.84LABU Direxion Daily SP Downward RallyPairCorr
  0.79FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.69OIH VanEck Oil ServicesPairCorr
  0.87ARKW ARK Next GenerationPairCorr
  0.88WTMF WisdomTree ManagedPairCorr
  0.87BST BlackRock Science TechPairCorr
  0.64CAT CaterpillarPairCorr
  0.79AA Alcoa CorpPairCorr
  0.84AXP American ExpressPairCorr
  0.78DIS Walt DisneyPairCorr
  0.74BAC Bank of America Aggressive PushPairCorr
  0.83MSFT Microsoft Aggressive PushPairCorr

Moving against ProShares Etf

  0.59GDXU MicroSectors Gold MinersPairCorr
  0.45PG Procter GamblePairCorr
  0.82TRV The Travelers CompaniesPairCorr
  0.73JNJ Johnson JohnsonPairCorr
  0.63T ATT Inc Aggressive PushPairCorr
  0.62KO Coca Cola Sell-off TrendPairCorr
  0.52MCD McDonaldsPairCorr
  0.51XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.34IBM International BusinessPairCorr
  0.31GE GE AerospacePairCorr

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   
UCC
+ 0.78
USD
UCC
+ 0.67
UXI
UPW
+ 0.58
RXL
UPW
+ 0.49
UXI
UXI
+ 0.48
USD
UXI
+ 0.2
RXL
  
High negative correlations   
USD
- 0.63
RXL
UCC
- 0.41
RXL
UPW
- 0.1
UCC
UPW
- 0.0
USD

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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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