ProShares UltraShort Correlations

Etfs . USA . 
Etf . ProShares UltraShort Industrials
SIJ Etf  USD 8.21  0.06  0.74%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is 0.25 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Industrials moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort Industria and DJI is -0.83 (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 Industria 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 Industrials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with ProShares Etf

  0.73SH ProShares Short SP500PairCorr
  0.72PSQ ProShares Short QQQPairCorr
  0.83SPXU ProShares UltraPro ShortPairCorr
  0.74SDS ProShares UltraShortPairCorr
  0.74SPXS Direxion Daily SPPairCorr
  0.74QID ProShares UltraShort QQQPairCorr
  0.71RWM ProShares Short RussPairCorr
  0.72SPDN Direxion Daily SPPairCorr
  0.75TAIL Cambria Tail RiskPairCorr
  0.82DOG ProShares Short Dow30PairCorr

Moving against ProShares Etf

  0.94VO Vanguard Mid CapPairCorr
  0.84VTI Vanguard Total StockPairCorr
  0.84SPY SPDR SP 500PairCorr
  0.84IVV iShares Core SPPairCorr
  0.84VB Vanguard Small CapPairCorr
  0.79VTV Vanguard Value Index Sell-off TrendPairCorr
  0.72VUG Vanguard Growth IndexPairCorr
  0.84AXP American ExpressPairCorr
  0.79JPM JPMorgan ChasePairCorr
  0.71CAT CaterpillarPairCorr
  0.55DIS Walt DisneyPairCorr
  0.55MSFT MicrosoftPairCorr
  0.55HPQ HP Inc Sell-off TrendPairCorr
  0.46AA Alcoa CorpPairCorr
  0.35GE GE AerospacePairCorr
  0.33CSCO Cisco Systems Aggressive PushPairCorr

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
SDP
+ 0.64
RXD
RXD
+ 0.62
SZK
SDP
+ 0.39
SZK
REW
+ 0.04
SDP
  
High negative correlations   
SCC
- 0.33
RXD
REW
- 0.29
RXD
SCC
- 0.29
SZK
REW
- 0.17
SZK
SCC
- 0.13
SDP

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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