Direxion Daily Correlations

TSMZ Etf

23.60 0.30 1.26%

The current 90-days correlation between Direxion Daily TSM and Strategy Shares is -0.07 (i.e., Good diversification). The correlation of Direxion Daily 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.

Direxion Daily Correlation With Market

Good diversification

The correlation between Direxion Daily TSM and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily TSM 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 TSM. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Direxion Etf

0.72	SH	ProShares Short SP500	Pair Corr
0.75	PSQ	ProShares Short QQQ	Pair Corr
0.72	SPXU	ProShares UltraPro Short Downward Rally	Pair Corr
0.72	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.72	SPXS	Direxion Daily SP Downward Rally	Pair Corr
0.76	QID	ProShares UltraShort QQQ	Pair Corr
0.67	RWM	ProShares Short Russ	Pair Corr
0.72	SPDN	Direxion Daily SP	Pair Corr
0.9	TAIL	Cambria Tail Risk Low Volatility	Pair Corr
0.66	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.74	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.65	PG	Procter Gamble Sell-off Trend	Pair Corr

Moving against Direxion Etf

0.76	VUG	Vanguard Growth Index	Pair Corr
0.73	VTI	Vanguard Total Stock	Pair Corr
0.72	SPY	SPDR SP 500	Pair Corr
0.72	IVV	iShares Core SP	Pair Corr
0.62	VO	Vanguard Mid Cap	Pair Corr
0.84	AXP	American Express	Pair Corr
0.75	BAC	Bank of America	Pair Corr
0.62	BA	Boeing	Pair Corr
0.55	CAT	Caterpillar	Pair Corr
0.49	MSFT	Microsoft	Pair Corr
0.37	DIS	Walt Disney	Pair Corr
0.36	WMT	Walmart	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.26	0.7	-0.47	0.53	0.29	0.03	0.89	-0.79	0.19	META
MSFT	-0.26		-0.65	0.47	-0.74	0.6	0.88	-0.12	0.56	-0.08	MSFT
UBER	0.7	-0.65		-0.51	0.81	-0.21	-0.57	0.64	-0.85	0.38	UBER
F	-0.47	0.47	-0.51		-0.29	0.23	0.35	-0.37	0.67	0.29	F
T	0.53	-0.74	0.81	-0.29		-0.49	-0.64	0.35	-0.7	0.34	T
A	0.29	0.6	-0.21	0.23	-0.49		0.69	0.53	0.15	0.08	A
CRM	0.03	0.88	-0.57	0.35	-0.64	0.69		0.1	0.39	-0.08	CRM
JPM	0.89	-0.12	0.64	-0.37	0.35	0.53	0.1		-0.68	0.23	JPM
MRK	-0.79	0.56	-0.85	0.67	-0.7	0.15	0.39	-0.68		-0.18	MRK
XOM	0.19	-0.08	0.38	0.29	0.34	0.08	-0.08	0.23	-0.18		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

JPM	+ 0.89	META
CRM	+ 0.88	MSFT
T	+ 0.81	UBER
UBER	+ 0.7	META
CRM	+ 0.69	A
MRK	+ 0.67	F

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.79	META
T	- 0.74	MSFT
MRK	- 0.7	T
MRK	- 0.68	JPM
UBER	- 0.65	MSFT

Direxion Daily Competition 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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.58	0.09	0.00	(0.04)	0.00	0.00	2.49	(3.59)	8.65
MSFT	1.07	(0.15)	0.00	(0.39)	0.00	0.00	2.56	(2.14)	10.31
UBER	1.89	0.18	0.10	0.28	2.38	(1.97)	4.72	(3.30)	12.75
F	1.40	0.06	0.00	(0.08)	0.00	0.00	2.71	(2.89)	10.14
T	1.04	0.23	0.17	0.30	1.64	(1.07)	1.90	(2.12)	11.66
A	1.14	(0.12)	0.00	(0.28)	0.00	0.00	2.80	(2.59)	9.03
CRM	1.40	(0.27)	0.00	(0.40)	0.00	0.00	2.21	(3.81)	8.88
JPM	1.07	0.03	0.00	(0.12)	0.00	0.00	1.97	(3.35)	6.85
MRK	1.21	(0.13)	0.00	1.63	0.00	0.00	2.08	(2.24)	11.57
XOM	1.01	(0.02)	0.00	(0.21)	0.00	0.00	2.07	(2.36)	5.89

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