Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Regional
DPST Etf  USD 96.26  0.21  0.22%   
The current 90-days correlation between Direxion Daily Regional and Direxion Daily Homebuilders is 0.64 (i.e., Poor 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

Very poor diversification

The correlation between Direxion Daily Regional and DJI is 0.8 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Regional and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Direxion Daily Regional. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with Direxion Etf

  0.88SSO ProShares Ultra SP500 Sell-off TrendPairCorr
  0.88SPXL Direxion Daily SP500 Sell-off TrendPairCorr
  0.85QLD ProShares Ultra QQQPairCorr
  0.75NRGU Bank of MontrealPairCorr
  0.88UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.88TECL Direxion Daily TechnologyPairCorr
  0.65GUSH Direxion Daily SPPairCorr
  0.91UYG ProShares Ultra FinaPairCorr
  0.87VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.87SPY SPDR SP 500 Sell-off TrendPairCorr
  0.87IVV iShares Core SP Sell-off TrendPairCorr
  0.9VTV Vanguard Value IndexPairCorr
  0.85VUG Vanguard Growth IndexPairCorr
  0.89VO Vanguard Mid CapPairCorr
  0.78VEA Vanguard FTSE DevelopedPairCorr
  0.92VB Vanguard Small CapPairCorr
  0.86VWO Vanguard FTSE EmergingPairCorr
  0.81KEMQ KraneShares EmergingPairCorr
  0.7KWEB KraneShares CSI ChinaPairCorr
  0.87AXP American ExpressPairCorr
  0.81CSCO Cisco SystemsPairCorr
  0.73GE GE AerospacePairCorr
  0.86MMM 3M CompanyPairCorr
  0.9CAT Caterpillar Earnings Call This WeekPairCorr
  0.8CVX Chevron Corp Earnings Call This WeekPairCorr
  0.74DIS Walt DisneyPairCorr
  0.95DD Dupont De Nemours Earnings Call TodayPairCorr
  0.68IBM International BusinessPairCorr

Moving against Direxion Etf

  0.55MCD McDonaldsPairCorr
  0.52KO Coca ColaPairCorr
  0.52PG Procter Gamble Earnings Call TodayPairCorr
  0.36TRV The Travelers CompaniesPairCorr

Related Correlations Analysis

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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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