Direxion Daily Correlations

EURL Etf  USD 31.88  1.41  4.24%   
The current 90-days correlation between Direxion Daily FTSE and Direxion Daily South is -0.13 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily FTSE moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Good diversification

The correlation between Direxion Daily FTSE and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily FTSE and DJI in the same portfolio, assuming nothing else is changed.
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Direxion Daily FTSE. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Direxion Etf

  0.89SSO ProShares Ultra SP500 Sell-off TrendPairCorr
  0.87SPXL Direxion Daily SP500 Sell-off TrendPairCorr
  0.9QLD ProShares Ultra QQQ Sell-off TrendPairCorr
  0.87UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.89TECL Direxion Daily TechnologyPairCorr
  0.8UYG ProShares Ultra FinaPairCorr
  0.93ITDD iShares TrustPairCorr
  0.9ITWO Proshares Russell 2000PairCorr
  0.93GYLD Arrow ETF TrustPairCorr
  0.84DWMF WisdomTree InternationalPairCorr
  0.95AGEM abrdn Emerging MarketsPairCorr
  0.82NFXL Direxion Daily NFLXPairCorr
  0.82CBTJ Calamos Bitcoin 80PairCorr
  0.93FORH Formidable ETFPairCorr
  0.88DVQQ WEBs Defined VolatilityPairCorr
  0.7PSLV Sprott Physical Silver Aggressive PushPairCorr
  0.92NIKL Sprott Nickel MinersPairCorr
  0.89IHY VanEck International HighPairCorr
  0.75BLLD JPMorganPairCorr
  0.84FLXR TCW ETF TrustPairCorr
  0.87COPJ Sprott Junior CopperPairCorr
  0.93AOHY Angel Oak HighPairCorr
  0.61PICB Invesco InternationalPairCorr
  0.93GLOF iShares MSCI GlobalPairCorr
  0.88SOXX iShares Semiconductor ETFPairCorr
  0.88BPI Grayscale Funds TrustPairCorr
  0.9NBGX Neuberger Berman ETFPairCorr
  0.95XHYT BondBloxx ETF TrustPairCorr
  0.89FID First Trust IntlPairCorr
  0.89ILCG iShares MorningstarPairCorr
  0.93DJUL FT Cboe VestPairCorr
  0.82BRRR Valkyrie BitcoinPairCorr
  0.93WTMF WisdomTree ManagedPairCorr
  0.99JIRE JP Morgan ExchangePairCorr

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   
JPMMSFT
MSFTMETA
JPMUBER
JPMMETA
JPMF
UBERMSFT
  
High negative correlations   
MRKUBER
MRKMSFT
MRKJPM
MRKF
XOMUBER
MRKT

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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  2.11  0.23  0.08  0.16  2.52 
 4.23 
 21.50 
MSFT  1.23  0.32  0.20  0.33  1.19 
 2.40 
 13.79 
UBER  1.90  0.22  0.09  0.18  2.28 
 4.19 
 16.18 
F  1.69  0.10  0.04  0.12  2.24 
 2.90 
 13.07 
T  1.15  0.06  0.03  0.22  1.77 
 2.01 
 8.83 
A  1.78 (0.08) 0.00 (0.05) 0.00 
 2.76 
 14.45 
CRM  1.58 (0.07) 0.00  1.24  0.00 
 3.01 
 13.13 
JPM  1.32  0.24  0.11  0.23  1.95 
 2.75 
 11.14 
MRK  1.62 (0.25) 0.00 (0.34) 0.00 
 2.55 
 10.58 
XOM  1.28  0.00  0.00  0.02  2.24 
 2.62 
 10.53