ProShares UltraShort Correlations

Etfs . USA . 
Etf . ProShares UltraShort Utilities
SDP Etf  USD 15.79  0.01  0.06%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Health is 0.27 (i.e., Modest 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

Very good diversification

The correlation between ProShares UltraShort Utilities and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Utilities and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Utilities. 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 ProShares Etf

  0.64MRK Merck CompanyPairCorr

Moving against ProShares Etf

  0.8VTV Vanguard Value Index Sell-off TrendPairCorr
  0.63VEA Vanguard FTSE DevelopedPairCorr
  0.58GDXU MicroSectors Gold MinersPairCorr
  0.47BND Vanguard Total Bond Sell-off TrendPairCorr
  0.43VO Vanguard Mid CapPairCorr
  0.76GE GE AerospacePairCorr
  0.72CSCO Cisco Systems Aggressive PushPairCorr
  0.65IBM International BusinessPairCorr
  0.61DD Dupont De NemoursPairCorr
  0.59JPM JPMorgan ChasePairCorr
  0.53T ATT Inc Aggressive PushPairCorr
  0.51JNJ Johnson JohnsonPairCorr
  0.51KO Coca Cola Aggressive PushPairCorr
  0.48XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.35MCD McDonaldsPairCorr

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   
SCC
+ 0.92
REW
SCC
+ 0.63
SIJ
SZK
+ 0.62
RXD
REW
+ 0.62
SIJ
SIJ
+ 0.24
RXD
  
High negative correlations   
SCC
- 0.33
RXD
SCC
- 0.29
SZK
REW
- 0.29
RXD
REW
- 0.17
SZK
SIJ
- 0.14
SZK

ProShares UltraShort Constituents 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.

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