ProShares Correlations

Etfs . USA . 
Etf . ProShares SP Technology
TDV Etf  USD 73.62  0.36  0.49%   
The current 90-days correlation between ProShares SP Technology and ProShares Russell Dividend is 0.49 (i.e., Very weak diversification). The correlation of ProShares 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 Correlation With Market

Poor diversification

The correlation between ProShares SP Technology and DJI is 0.66 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares SP Technology 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 SP Technology. 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

  0.69VGT Vanguard InformationPairCorr
  0.73XLK Technology Select SectorPairCorr
  0.73IYW iShares Technology ETFPairCorr
  0.66SMH VanEck Semiconductor ETFPairCorr
  0.7SOXX iShares Semiconductor ETFPairCorr
  0.8CIBR First Trust NASDAQPairCorr
  0.69FTEC Fidelity MSCI InformationPairCorr
  0.78IGV iShares Expanded TechPairCorr
  0.86FDN First Trust DowPairCorr
  0.81IGM iShares Expanded TechPairCorr
  0.88VTI Vanguard Total StockPairCorr
  0.74VBK Vanguard Small CapPairCorr
  0.66NFLX NetflixPairCorr
  0.65DUKH Ocean Park HighPairCorr
  0.76AXP American ExpressPairCorr
  0.84JPM JPMorgan ChasePairCorr
  0.71BAC Bank of AmericaPairCorr
  0.82WMT WalmartPairCorr
  0.66BA BoeingPairCorr
  0.71HPQ HP IncPairCorr

Moving against ProShares Etf

  0.81FNGD MicroSectors FANG IndexPairCorr
  0.49MRK Merck CompanyPairCorr
  0.37TRV 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   
SMDV
+ 0.88
REGL
REGL
+ 0.8
TMDV
SMDV
+ 0.76
TMDV
TDIV
+ 0.69
SMDV
TDIV
+ 0.65
REGL
EFAD
+ 0.58
TMDV
  
High negative correlations   
TDIV
- 0.22
EFAD

ProShares Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares 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' 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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