Direxion Daily Correlations
| SPXL Etf | USD 153.54 8.22 5.66% |
The current 90-days correlation between Direxion Daily SP500 and Direxion Daily SP is -1.0 (i.e., Pay attention - limited upside). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Direxion Daily Correlation With Market
Poor diversification
The correlation between Direxion Daily SP500 and DJI is 0.74 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP500 and DJI in the same portfolio, assuming nothing else is changed.
Direxion |
Moving together with Direxion Etf
| 1.0 | SSO | ProShares Ultra SP500 Sell-off Trend | PairCorr |
| 0.98 | QLD | ProShares Ultra QQQ | PairCorr |
| 1.0 | UPRO | ProShares UltraPro SP500 | PairCorr |
| 0.92 | TECL | Direxion Daily Technology | PairCorr |
| 0.81 | LABU | Direxion Daily SP | PairCorr |
| 0.89 | FNGU | MicroSectors FANG Index Symbol Change | PairCorr |
| 0.64 | UYG | ProShares Ultra Fina | PairCorr |
| 0.72 | OIH | VanEck Oil Services | PairCorr |
| 0.96 | ARKW | ARK Next Generation | PairCorr |
| 0.88 | WTMF | WisdomTree Managed | PairCorr |
| 0.66 | EWC | iShares MSCI Canada | PairCorr |
| 0.94 | BST | BlackRock Science Tech | PairCorr |
| 0.66 | CAT | Caterpillar | PairCorr |
| 0.65 | AA | Alcoa Corp | PairCorr |
| 0.92 | AXP | American Express Sell-off Trend | PairCorr |
| 0.84 | DIS | Walt Disney | PairCorr |
| 0.86 | BAC | Bank of America Sell-off Trend | PairCorr |
| 0.75 | MSFT | Microsoft | PairCorr |
Moving against Direxion Etf
| 0.41 | GDXU | MicroSectors Gold Miners | PairCorr |
| 0.67 | TRV | The Travelers Companies | PairCorr |
| 0.56 | JNJ | Johnson Johnson | PairCorr |
| 0.5 | KO | Coca Cola | PairCorr |
| 0.44 | T | ATT Inc Earnings Call Today | PairCorr |
| 0.39 | MCD | McDonalds | PairCorr |
| 0.38 | XOM | Exxon Mobil Corp Aggressive Push | PairCorr |
Related Correlations Analysis
| -0.9 | -0.91 | -0.83 | -0.96 | SPXS | ||
| -0.9 | 0.93 | 0.94 | 0.97 | TECL | ||
| -0.91 | 0.93 | 0.89 | 0.94 | TNA | ||
| -0.83 | 0.94 | 0.89 | 0.9 | SOXL | ||
| -0.96 | 0.97 | 0.94 | 0.9 | TQQQ | ||
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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
| High negative correlations
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Direxion Daily Constituents Risk-Adjusted Indicators
There is a big difference between Direxion Etf performing well and Direxion Daily 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 Daily'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.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| SPXS | 2.39 | 0.16 | 0.15 | (0.13) | 2.35 | 5.27 | 15.05 | |||
| TECL | 3.82 | (0.31) | 0.00 | (0.16) | 0.00 | 5.92 | 20.89 | |||
| TNA | 2.84 | (0.43) | 0.00 | (0.21) | 0.00 | 4.54 | 14.80 | |||
| SOXL | 4.96 | (0.25) | 0.00 | (0.14) | 0.00 | 8.58 | 32.20 | |||
| TQQQ | 3.20 | (0.28) | 0.00 | (0.17) | 0.00 | 4.79 | 18.03 |