ProShares UltraShort Correlations

Etfs . USA . 
Etf . ProShares UltraShort SP500
SDS Etf  USD 18.34  0.02  0.11%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort QQQ is 0.94 (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

Very good diversification

The correlation between ProShares UltraShort SP500 and DJI is -0.47 (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 SP500 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 SP500. 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

  0.98SH ProShares Short SP500PairCorr
  0.73PSQ ProShares Short QQQPairCorr
  1.0SPXU ProShares UltraPro ShortPairCorr
  1.0SPXS Direxion Daily SPPairCorr
  0.69QID ProShares UltraShort QQQPairCorr
  0.98SPDN Direxion Daily SPPairCorr
  0.82DOG ProShares Short Dow30PairCorr

Moving against ProShares Etf

  0.88SWP SWP Growth IncomePairCorr
  0.68WINN Harbor Long TermPairCorr
  0.65DUKH Ocean Park HighPairCorr
  0.59SMI VanEck Vectors ETFPairCorr
  0.56SHLD Global X FundsPairCorr
  0.54LUX Tema ETF TrustPairCorr
  0.55T ATT Inc Aggressive PushPairCorr
  0.5DD Dupont De NemoursPairCorr
  0.48IBM International BusinessPairCorr
  0.48MCD McDonaldsPairCorr
  0.47CSCO Cisco Systems Aggressive PushPairCorr
  0.46PG Procter GamblePairCorr
  0.45GE GE Aerospace Sell-off TrendPairCorr
  0.45JNJ Johnson JohnsonPairCorr
  0.45CAT Caterpillar Sell-off TrendPairCorr
  0.45VZ Verizon Communications Sell-off TrendPairCorr
  0.44KO Coca Cola Aggressive PushPairCorr
  0.35MSFT MicrosoftPairCorr
  0.32TRV 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   
SKF
+ 0.88
DXD
SH
+ 0.84
DXD
SKF
+ 0.65
SH
SH
+ 0.6
QID
SKF
+ 0.26
QID
DXD
+ 0.25
QID
  
High negative correlations   
SH
- 0.99
SSO
SSO
- 0.82
DXD
SSO
- 0.7
QID
SKF
- 0.68
SSO

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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