ProShares UltraShort Correlations

EUO Etf

USD 28.69 0.19 0.66%

The current 90-days correlation between ProShares UltraShort Euro and ProShares UltraShort Yen is -0.22 (i.e., Very good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Euro moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Very good diversification

The correlation between ProShares UltraShort Euro and DJI is -0.27 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Euro and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Euro. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in employment.

Moving together with ProShares Etf

0.98	UUP	Invesco DB Dollar Sell-off Trend	Pair Corr
0.82	YCS	ProShares UltraShort Yen	Pair Corr

Moving against ProShares Etf

0.99	UDN	Invesco DB Dollar	Pair Corr
0.82	SPTS	SPDR Barclays Short	Pair Corr
0.65	FID	First Trust Intl	Pair Corr
0.61	ODCEX	ODCEX	Pair Corr
0.58	VIXM	ProShares VIX Mid Low Volatility	Pair Corr
0.58	VXZ	iPath Series B Low Volatility	Pair Corr
0.56	ARKB	ARK 21Shares Bitcoin	Pair Corr
0.51	NIKL	Sprott Nickel Miners Downward Rally	Pair Corr
0.5	IPAC	iShares Core MSCI	Pair Corr
0.45	BRRR	Valkyrie Bitcoin	Pair Corr
0.42	DMCY	Democracy International	Pair Corr
0.39	PWRD	Perfect World Symbol Change	Pair Corr
0.36	GPGEX	Grandeur Peak Global	Pair Corr
0.34	BTFD	Valkyrie Bitcoin Strategy	Pair Corr
0.32	XHYT	BondBloxx ETF Trust	Pair Corr
0.66	SPD	Simplify Equity PLUS	Pair Corr
0.55	XAR	SPDR SP Aerospace	Pair Corr
0.53	FNDC	Schwab Fundamental	Pair Corr
0.5	BSV	Vanguard Short Term	Pair Corr
0.5	NFXL	Direxion Daily NFLX	Pair Corr
0.49	IXUS	iShares Core MSCI	Pair Corr
0.48	CBTJ	Calamos Bitcoin 80	Pair Corr
0.45	ARKQ	ARK Autonomous Technology	Pair Corr
0.44	EURL	Direxion Daily FTSE	Pair Corr
0.43	VOLT	Tema Electrification ETF	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.91	0.74	0.78	0.53	0.67	0.53	0.86	-0.17	0.13	META
MSFT	0.91		0.89	0.82	0.54	0.37	0.43	0.92	-0.47	-0.17	MSFT
UBER	0.74	0.89		0.87	0.49	0.26	0.61	0.88	-0.51	-0.19	UBER
F	0.78	0.82	0.87		0.5	0.49	0.65	0.9	-0.24	0.11	F
T	0.53	0.54	0.49	0.5		0.28	0.2	0.57	-0.18	0.11	T
A	0.67	0.37	0.26	0.49	0.28		0.6	0.41	0.55	0.7	A
CRM	0.53	0.43	0.61	0.65	0.2	0.6		0.49	0.17	0.31	CRM
JPM	0.86	0.92	0.88	0.9	0.57	0.41	0.49		-0.41	-0.05	JPM
MRK	-0.17	-0.47	-0.51	-0.24	-0.18	0.55	0.17	-0.41		0.72	MRK
XOM	0.13	-0.17	-0.19	0.11	0.11	0.7	0.31	-0.05	0.72		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	+ 0.92	MSFT
MSFT	+ 0.91	META
JPM	+ 0.9	F
UBER	+ 0.89	MSFT
JPM	+ 0.88	UBER
F	+ 0.87	UBER

High negative correlations

MRK	- 0.51	UBER
MRK	- 0.47	MSFT
MRK	- 0.41	JPM
MRK	- 0.24	F
XOM	- 0.19	UBER
MRK	- 0.18	T

ProShares UltraShort Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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	2.11	0.25	0.08	(6.57)	2.52	(2.36)	4.23	(4.29)	21.50
MSFT	1.23	0.34	0.19	(5.80)	1.19	(1.34)	2.40	(2.36)	13.79
UBER	1.90	0.24	0.08	(1.40)	2.28	(2.09)	4.19	(3.48)	16.18
F	1.71	0.11	0.04	0.14	2.24	(1.75)	2.90	(3.84)	13.07
T	1.14	0.08	0.03	0.29	1.79	(1.14)	2.01	(2.62)	8.83
A	1.78	(0.06)	0.00	0.23	0.00	0.00	2.76	(4.15)	14.45
CRM	1.59	(0.10)	0.00	1.72	0.00	0.00	3.01	(3.64)	13.13
JPM	1.32	0.23	0.10	0.23	1.95	(1.38)	2.75	(2.12)	11.14
MRK	1.62	(0.23)	0.00	0.86	0.00	0.00	2.55	(4.72)	10.58
XOM	1.28	0.01	0.00	1.71	2.24	(1.20)	2.62	(2.77)	10.53

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