ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Industrials
UXI Etf  USD 37.21  0.04  0.11%   
The current 90-days correlation between ProShares Ultra Indu and ProShares Ultra Consumer is 0.73 (i.e., Poor diversification). The correlation of ProShares Ultra 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 Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Industrials and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Industrials 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 Ultra Industrials. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with ProShares Etf

  0.85SSO ProShares Ultra SP500PairCorr
  0.81SPXL Direxion Daily SP500PairCorr
  0.78QLD ProShares Ultra QQQPairCorr
  0.81UPRO ProShares UltraPro SP500PairCorr
  0.62TECL Direxion Daily TechnologyPairCorr
  0.67GUSH Direxion Daily SPPairCorr
  0.8UYG ProShares Ultra FinaPairCorr
  0.76OIH VanEck Oil ServicesPairCorr
  0.84ARKW ARK Next GenerationPairCorr
  0.73WTMF WisdomTree ManagedPairCorr
  0.72EWC iShares MSCI CanadaPairCorr
  0.83BST BlackRock Science TechPairCorr
  0.73CAT CaterpillarPairCorr
  0.86AXP American ExpressPairCorr
  0.79BAC Bank of America Aggressive PushPairCorr

Moving against ProShares Etf

  0.34PG Procter GamblePairCorr
  0.39TRV The Travelers CompaniesPairCorr
  0.32MCD McDonaldsPairCorr
  0.32KO Coca Cola Sell-off TrendPairCorr

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
+ 0.98
UCC
RXL
+ 0.68
UGE
RXL
+ 0.5
UPW
UPW
+ 0.38
UGE
SAA
+ 0.13
UPW
UPW
+ 0.03
UCC
  
High negative correlations   
SAA
- 0.37
UGE
UGE
- 0.33
UCC
RXL
- 0.1
UCC
SAA
- 0.06
RXL

ProShares Ultra Constituents Risk-Adjusted Indicators

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