ProShares Smart Correlations

TINT Etf

USD 29.86 0.01 0.03%

The current 90-days correlation between ProShares Smart Materials and Strategy Shares is 0.15 (i.e., Average diversification). The correlation of ProShares Smart 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 Smart Correlation With Market

Very weak diversification

The correlation between ProShares Smart Materials and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Smart Materials 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 Smart Materials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with ProShares Etf

0.89	XLB	Materials Select Sector	Pair Corr
0.89	VAW	Vanguard Materials Index	Pair Corr
0.81	XME	SPDR SP Metals	Pair Corr
0.84	PHO	Invesco Water Resources	Pair Corr
0.87	MOO	VanEck Agribusiness ETF	Pair Corr
0.86	FXZ	First Trust Materials	Pair Corr
0.86	FIW	First Trust Water	Pair Corr
0.88	IYM	iShares Basic Materials	Pair Corr
0.64	BAC	Bank of America Aggressive Push	Pair Corr
0.74	XOM	Exxon Mobil Corp	Pair Corr
0.63	TRV	The Travelers Companies	Pair Corr
0.63	HPQ	HP Inc	Pair Corr
0.67	CAT	Caterpillar	Pair Corr
0.78	CVX	Chevron Corp	Pair Corr

Moving against ProShares Etf

0.41

PFE

Pfizer Inc

Pair Corr

Related Correlations Analysis

	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG
DHSB		-0.08	-0.14	-0.14	0.12	0.07	-0.09	-0.13	-0.04	DHSB
MBOX	-0.08		0.48	0.33	-0.03	0.52	0.95	0.8	0.95	MBOX
DIEM	-0.14	0.48		0.81	-0.36	0.24	0.57	0.65	0.44	DIEM
MCHI	-0.14	0.33	0.81		-0.16	0.08	0.55	0.76	0.33	MCHI
DIPS	0.12	-0.03	-0.36	-0.16		0.19	0.02	0.0	0.03	DIPS
DISO	0.07	0.52	0.24	0.08	0.19		0.5	0.29	0.63	DISO
DIVB	-0.09	0.95	0.57	0.55	0.02	0.5		0.92	0.93	DIVB
DIVD	-0.13	0.8	0.65	0.76	0.0	0.29	0.92		0.76	DIVD
DIVG	-0.04	0.95	0.44	0.33	0.03	0.63	0.93	0.76		DIVG
	DHSB	MBOX	DIEM	MCHI	DIPS	DISO	DIVB	DIVD	DIVG

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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

DIVB	+ 0.95	MBOX
DIVG	+ 0.95	MBOX
DIVG	+ 0.93	DIVB
DIVD	+ 0.92	DIVB
MCHI	+ 0.81	DIEM
DIVD	+ 0.8	MBOX

High negative correlations

DIPS	- 0.36	DIEM
DIPS	- 0.16	MCHI
MCHI	- 0.14	DHSB
DIEM	- 0.14	DHSB
DIVD	- 0.13	DHSB
DIVB	- 0.09	DHSB

ProShares Smart Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Smart 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 Smart'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
DHSB	0.31	(0.08)	0.00	(0.94)	0.00	0.00	0.49	(0.64)	0.96
MBOX	0.58	(0.01)	0.00	(0.03)	0.00	0.00	1.03	(1.06)	4.12
DIEM	0.59	0.01	0.02	(0.01)	0.85	(0.60)	1.34	(1.81)	4.44
MCHI	1.36	0.22	0.14	(43.05)	1.50	(1.50)	2.57	(2.42)	12.27
DIPS	1.98	0.10	0.05	(0.17)	2.67	(1.94)	3.34	(3.60)	23.78
DISO	0.71	0.01	0.03	0.00	0.91	(0.70)	1.44	(1.37)	3.42
DIVB	0.52	0.03	0.05	0.02	0.66	(0.56)	1.00	(0.89)	3.54
DIVD	0.51	0.08	0.13	0.15	0.57	(0.56)	0.88	(0.78)	3.04
DIVG	0.50	(0.02)	0.00	(0.06)	0.00	0.00	0.97	(1.13)	2.77

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