Direxion Daily Correlations

DPST Etf

USD 87.83 0.16 0.18%

The current 90-days correlation between Direxion Daily Regional and Direxion Daily SP is 0.19 (i.e., Average 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

Poor diversification

The correlation between Direxion Daily Regional and DJI is 0.66 (i.e., 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.

Build AI portfolio with Direxion Etf

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 main economic indicators.

Moving together with Direxion Etf

0.69	NRGU	Bank of Montreal	Pair Corr
0.63	GUSH	Direxion Daily SP	Pair Corr
0.87	UYG	ProShares Ultra Fina	Pair Corr
0.82	T	ATT Inc Aggressive Push	Pair Corr
0.79	VZ	Verizon Communications Aggressive Push	Pair Corr
0.81	HD	Home Depot Earnings Call This Week	Pair Corr
0.61	BA	Boeing	Pair Corr
0.7	DIS	Walt Disney	Pair Corr

Moving against Direxion Etf

0.76	LABU	Direxion Daily SP	Pair Corr
0.74	TECL	Direxion Daily Technology	Pair Corr
0.74	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.74	USD	ProShares Ultra Semi	Pair Corr
0.73	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.7	BULZ	MicroSectors Solactive	Pair Corr
0.67	QLD	ProShares Ultra QQQ	Pair Corr
0.61	SPXL	Direxion Daily SP500	Pair Corr
0.61	UPRO	ProShares UltraPro SP500	Pair Corr
0.6	BITS	Global X Blockchain	Pair Corr
0.57	SSO	ProShares Ultra SP500	Pair Corr
0.51	FNGG	Direxion Daily Select	Pair Corr
0.5	SATO	Invesco Alerian Galaxy	Pair Corr
0.49	FNGO	MicroSectors FANG Index	Pair Corr
0.72	AA	Alcoa Corp Buyout Trend	Pair Corr
0.71	JNJ	Johnson Johnson	Pair Corr
0.7	INTC	Intel	Pair Corr
0.62	YFYA	Listed Funds Trust	Pair Corr
0.57	GE	GE Aerospace	Pair Corr
0.52	AXP	American Express	Pair Corr
0.51	MMM	3M Company	Pair Corr
0.48	MSFT	Microsoft	Pair Corr
0.43	MRK	Merck Company Aggressive Push	Pair Corr
0.43	KO	Coca Cola Sell-off Trend	Pair Corr

Related Correlations Analysis

	LABU	NUGT	EWI	DBA	KIE	EWX	GWX	EWH	IAT	IAK
LABU		0.68	0.33	-0.73	-0.41	0.5	0.53	0.41	-0.69	-0.47	LABU
NUGT	0.68		0.11	-0.45	0.0	0.57	0.78	0.08	-0.3	-0.04	NUGT
EWI	0.33	0.11		-0.19	0.15	0.39	0.27	0.78	-0.08	0.13	EWI
DBA	-0.73	-0.45	-0.19		0.28	-0.1	-0.22	-0.22	0.67	0.33	DBA
KIE	-0.41	0.0	0.15	0.28		-0.08	-0.01	-0.02	0.67	0.98	KIE
EWX	0.5	0.57	0.39	-0.1	-0.08		0.85	0.45	0.05	-0.14	EWX
GWX	0.53	0.78	0.27	-0.22	-0.01	0.85		0.23	-0.02	-0.06	GWX
EWH	0.41	0.08	0.78	-0.22	-0.02	0.45	0.23		-0.08	-0.05	EWH
IAT	-0.69	-0.3	-0.08	0.67	0.67	0.05	-0.02	-0.08		0.68	IAT
IAK	-0.47	-0.04	0.13	0.33	0.98	-0.14	-0.06	-0.05	0.68		IAK
	LABU	NUGT	EWI	DBA	KIE	EWX	GWX	EWH	IAT	IAK

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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

IAK	+ 0.98	KIE
GWX	+ 0.85	EWX
GWX	+ 0.78	NUGT
EWH	+ 0.78	EWI
NUGT	+ 0.68	LABU
IAK	+ 0.68	IAT

High negative correlations

DBA	- 0.73	LABU
IAT	- 0.69	LABU
IAK	- 0.47	LABU
DBA	- 0.45	NUGT
KIE	- 0.41	LABU
IAT	- 0.3	NUGT

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
LABU	3.23	0.86	0.29	0.39	2.94	(3.60)	9.30	(4.85)	17.60
NUGT	3.66	0.76	0.13	0.79	5.27	(3.75)	7.69	(8.55)	29.19
EWI	0.66	0.00	(0.03)	0.11	0.71	(0.75)	1.30	(1.27)	3.79
DBA	0.59	(0.03)	0.00	(0.17)	0.00	0.00	1.49	(1.15)	3.82
KIE	0.77	(0.06)	(0.07)	0.05	1.04	(0.76)	1.80	(1.37)	5.46
EWX	0.56	(0.01)	(0.09)	0.09	0.61	(0.66)	1.44	(0.95)	4.06
GWX	0.57	(0.04)	(0.08)	0.07	0.64	(0.63)	1.31	(1.06)	4.41
EWH	0.78	0.01	0.01	0.13	1.00	(0.84)	1.75	(1.16)	6.02
IAT	0.92	(0.16)	(0.07)	0.01	1.35	(1.00)	2.00	(1.72)	9.07
IAK	0.70	(0.03)	(0.07)	0.07	0.97	(0.69)	1.68	(1.53)	5.05

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