ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra SP500
SSO Etf  USD 87.54  2.95  3.49%   
The current 90-days correlation between ProShares Ultra SP500 and ProShares Ultra QQQ is 0.95 (i.e., Almost no 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 SP500 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 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 ProShares Ultra 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 Ultra 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 state.

Moving together with ProShares Etf

  1.0SPXL Direxion Daily SP500 Sell-off TrendPairCorr
  0.98QLD ProShares Ultra QQQPairCorr
  1.0UPRO ProShares UltraPro SP500PairCorr
  0.91TECL Direxion Daily TechnologyPairCorr
  0.79LABU Direxion Daily SPPairCorr
  0.89FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.67UYG ProShares Ultra FinaPairCorr
  0.72OIH VanEck Oil ServicesPairCorr
  0.96ARKW ARK Next GenerationPairCorr
  0.87WTMF WisdomTree ManagedPairCorr
  0.69EWC iShares MSCI CanadaPairCorr
  0.94BST BlackRock Science TechPairCorr
  0.64CAT CaterpillarPairCorr
  0.63AA Alcoa CorpPairCorr
  0.93AXP American Express Sell-off TrendPairCorr
  0.83DIS Walt DisneyPairCorr
  0.87BAC Bank of America Sell-off TrendPairCorr
  0.73MSFT MicrosoftPairCorr

Moving against ProShares Etf

  0.38GDXU MicroSectors Gold MinersPairCorr
  0.65TRV The Travelers CompaniesPairCorr
  0.53JNJ Johnson JohnsonPairCorr
  0.47KO Coca ColaPairCorr
  0.41T ATT Inc Earnings Call TodayPairCorr
  0.37MCD McDonaldsPairCorr
  0.36XOM Exxon Mobil Corp 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   
QID
+ 0.99
SDS
UYG
+ 0.87
DDM
DDM
+ 0.81
QLD
UYG
+ 0.52
QLD
  
High negative correlations   
QID
- 1.0
QLD
SDS
- 0.98
QLD
SDS
- 0.9
DDM
QID
- 0.83
DDM
UYG
- 0.67
SDS
QID
- 0.56
UYG

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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