ProShares UltraPro Correlations

Etfs . USA . 
Etf . ProShares UltraPro MidCap400
UMDD Etf  USD 21.92  0.58  2.58%   
The current 90-days correlation between ProShares UltraPro and ProShares UltraPro Russell2000 is 0.95 (i.e., Almost no diversification). The correlation of ProShares UltraPro 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.

ProShares UltraPro Correlation With Market

Very poor diversification

The correlation between ProShares UltraPro MidCap400 and DJI is 0.85 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraPro MidCap400 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 UltraPro MidCap400. 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

  0.93SSO ProShares Ultra SP500PairCorr
  0.93SPXL Direxion Daily SP500PairCorr
  0.91QLD ProShares Ultra QQQPairCorr
  0.86UPRO ProShares UltraPro SP500PairCorr
  0.87TECL Direxion Daily TechnologyPairCorr
  0.82LABU Direxion Daily SPPairCorr
  0.76GUSH Direxion Daily SPPairCorr
  0.7FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.86OIH VanEck Oil ServicesPairCorr
  0.92ARKW ARK Next GenerationPairCorr
  0.95WTMF WisdomTree ManagedPairCorr
  0.88BST BlackRock Science TechPairCorr
  0.83CAT CaterpillarPairCorr
  0.73AA Alcoa CorpPairCorr
  0.97AXP American ExpressPairCorr
  0.77DIS Walt DisneyPairCorr
  0.91BAC Bank of AmericaPairCorr
  0.82MSFT MicrosoftPairCorr

Moving against ProShares Etf

  0.51GDXU MicroSectors Gold MinersPairCorr
  0.45PG Procter GamblePairCorr
  0.74KO Coca Cola Aggressive PushPairCorr
  0.73JNJ Johnson JohnsonPairCorr
  0.73TRV The Travelers CompaniesPairCorr
  0.67T ATT Inc Aggressive PushPairCorr
  0.66MCD McDonaldsPairCorr
  0.42XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.37IBM International BusinessPairCorr
  0.36INTC IntelPairCorr

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   
SAA
+ 1.0
URTY
SAA
+ 0.99
MIDU
MIDU
+ 0.98
URTY
UDOW
+ 0.86
MIDU
UDOW
+ 0.83
SAA
UDOW
+ 0.82
URTY
  
High negative correlations   
MIDU
- 0.99
SMDD
SAA
- 0.98
SMDD
SMDD
- 0.97
URTY
UDOW
- 0.88
SMDD

ProShares UltraPro Constituents Risk-Adjusted Indicators

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