ProShares UltraShort Correlations

TBT Etf

USD 35.25 0.37 1.04%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort 7 10 is 0.92 (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

Good diversification

The correlation between ProShares UltraShort 20 and DJI is -0.17 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort 20 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 20. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with ProShares Etf

1.0	TMV	Direxion Daily 20	Pair Corr
1.0	TBF	ProShares Short 20	Pair Corr
0.99	PST	ProShares UltraShort	Pair Corr
0.99	TYO	Direxion Daily 7	Pair Corr

Moving against ProShares Etf

0.82	DD	Dupont De Nemours	Pair Corr
0.75	AA	Alcoa Corp	Pair Corr
0.71	HD	Home Depot	Pair Corr
0.69	HPQ	HP Inc	Pair Corr
0.65	CRPT	First Trust SkyBridge	Pair Corr
0.62	XOM	Exxon Mobil Corp	Pair Corr
0.58	CAT	Caterpillar Sell-off Trend	Pair Corr
0.5	INTC	Intel Aggressive Push	Pair Corr
0.5	JNJ	Johnson Johnson	Pair Corr
0.46	MCD	McDonalds	Pair Corr
0.36	DIS	Walt Disney	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.19	0.32	-0.68	0.83	0.61	0.07	0.83	-0.71	-0.51	META
MSFT	-0.19		-0.58	0.11	-0.24	0.18	0.64	-0.35	0.5	-0.21	MSFT
UBER	0.32	-0.58		0.11	0.48	0.01	-0.37	0.56	-0.6	0.47	UBER
F	-0.68	0.11	0.11		-0.38	-0.33	0.18	-0.42	0.5	0.85	F
T	0.83	-0.24	0.48	-0.38		0.34	0.21	0.78	-0.71	-0.19	T
A	0.61	0.18	0.01	-0.33	0.34		0.16	0.67	-0.13	-0.4	A
CRM	0.07	0.64	-0.37	0.18	0.21	0.16		-0.13	0.29	-0.09	CRM
JPM	0.83	-0.35	0.56	-0.42	0.78	0.67	-0.13		-0.73	-0.21	JPM
MRK	-0.71	0.5	-0.6	0.5	-0.71	-0.13	0.29	-0.73		0.16	MRK
XOM	-0.51	-0.21	0.47	0.85	-0.19	-0.4	-0.09	-0.21	0.16		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

XOM	+ 0.85	F
T	+ 0.83	META
JPM	+ 0.83	META
JPM	+ 0.78	T
JPM	+ 0.67	A
CRM	+ 0.64	MSFT

High negative correlations

MRK	- 0.73	JPM
MRK	- 0.71	T
MRK	- 0.71	META
F	- 0.68	META
MRK	- 0.6	UBER
UBER	- 0.58	MSFT

ProShares UltraShort Competition 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.22	0.34	0.21	0.81	1.22	(1.31)	3.22	(1.95)	7.11
MSFT	0.99	(0.05)	0.00	(0.20)	0.00	0.00	2.20	(2.14)	10.31
UBER	1.85	0.18	0.06	(1.34)	2.79	(1.88)	4.72	(5.35)	12.29
F	1.35	(0.21)	0.00	(0.31)	0.00	0.00	2.46	(2.90)	11.01
T	0.94	0.24	0.21	0.39	0.93	(1.10)	1.91	(1.75)	7.94
A	1.13	(0.02)	0.00	(0.02)	0.00	0.00	2.81	(2.42)	6.12
CRM	1.50	0.04	0.02	0.07	1.83	(1.65)	3.70	(2.95)	15.92
JPM	0.80	0.24	0.24	0.40	0.73	(0.95)	1.92	(1.39)	5.01
MRK	1.18	(0.31)	0.00	(1.07)	0.00	0.00	2.00	(2.13)	11.57
XOM	0.89	(0.15)	0.00	(0.26)	0.00	0.00	1.72	(2.14)	5.69

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