Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Technology
TECL Etf  USD 64.59  4.93  7.09%   
The current 90-days correlation between Direxion Daily Technology and Direxion Daily Semiconductor is 0.91 (i.e., Almost no diversification). 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 Technology 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 Technology and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily 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 Direxion Daily 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 main economic indicators.

Moving together with Direxion Etf

  0.91SSO ProShares Ultra SP500PairCorr
  0.92SPXL Direxion Daily SP500PairCorr
  0.97QLD ProShares Ultra QQQPairCorr
  0.92UPRO ProShares UltraPro SP500PairCorr
  0.85LABU Direxion Daily SP Downward RallyPairCorr
  0.79FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.68OIH VanEck Oil ServicesPairCorr
  0.85ARKW ARK Next GenerationPairCorr
  0.88WTMF WisdomTree ManagedPairCorr
  0.85BST BlackRock Science TechPairCorr
  0.65CAT CaterpillarPairCorr
  0.81AA Alcoa CorpPairCorr
  0.82AXP American ExpressPairCorr
  0.77DIS Walt DisneyPairCorr
  0.72BAC Bank of America Aggressive PushPairCorr
  0.85MSFT Microsoft Aggressive PushPairCorr

Moving against Direxion Etf

  0.62GDXU MicroSectors Gold MinersPairCorr
  0.46PG Procter GamblePairCorr
  0.83TRV The Travelers CompaniesPairCorr
  0.76JNJ Johnson JohnsonPairCorr
  0.67T ATT Inc Aggressive PushPairCorr
  0.65KO Coca Cola Sell-off TrendPairCorr
  0.54XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.54MCD McDonaldsPairCorr
  0.38IBM International BusinessPairCorr
  0.36GE GE AerospacePairCorr

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   
SPXL
+ 0.85
SOXL
LABU
+ 0.81
SPXL
LABU
+ 0.77
SOXL
NAIL
+ 0.75
SOXL
NAIL
+ 0.74
SPXL
NAIL
+ 0.74
LABU
  
High negative correlations   
TECS
- 0.96
SPXL
TECS
- 0.91
SOXL
LABU
- 0.82
TECS
NAIL
- 0.68
TECS

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.

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