Direxion Daily Correlations

EURL Etf  USD 32.98  0.18  0.54%   
The current 90-days correlation between Direxion Daily FTSE and Direxion Daily South is -0.09 (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

  0.88SSO ProShares Ultra SP500PairCorr
  0.86SPXL Direxion Daily SP500PairCorr
  0.9QLD ProShares Ultra QQQPairCorr
  0.89UPRO ProShares UltraPro SP500PairCorr
  0.89TECL Direxion Daily TechnologyPairCorr
  0.8UYG ProShares Ultra FinaPairCorr
  0.93ITDD iShares TrustPairCorr
  0.9ITWO Proshares Russell 2000PairCorr
  0.93GYLD Arrow ETF TrustPairCorr
  0.88DWMF WisdomTree InternationalPairCorr
  0.95AGEM abrdn Emerging MarketsPairCorr
  0.84NFXL Direxion Daily NFLXPairCorr
  0.81CBTJ Calamos Bitcoin 80PairCorr
  0.92FORH Formidable ETFPairCorr
  0.88DVQQ WEBs Defined VolatilityPairCorr
  0.68PSLV Sprott Physical Silver Aggressive PushPairCorr
  0.93NIKL Sprott Nickel MinersPairCorr
  0.89IHY VanEck International HighPairCorr
  0.69BLLD JPMorganPairCorr
  0.84FLXR TCW ETF TrustPairCorr
  0.87COPJ Sprott Junior CopperPairCorr
  0.93AOHY Angel Oak HighPairCorr
  0.93GLOF iShares MSCI GlobalPairCorr
  0.87SOXX iShares Semiconductor ETFPairCorr
  0.86BPI Grayscale Funds TrustPairCorr
  0.89NBGX Neuberger Berman ETFPairCorr
  0.95XHYT BondBloxx ETF TrustPairCorr
  0.89FID First Trust IntlPairCorr
  0.89ILCG iShares MorningstarPairCorr
  0.93DJUL FT Cboe VestPairCorr
  0.81BRRR 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
FUBER
JPMUBER
MSFTMETA
UBERMSFT
JPMMETA
  
High negative correlations   
MRKUBER
MRKMSFT
MRKJPM
MRKF
MRKT
XOMMSFT

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  2.14  0.20  0.08  0.19  2.51 
 4.23 
 21.50 
MSFT  1.26  0.30  0.19  0.37  1.12 
 2.58 
 13.79 
UBER  1.95  0.29  0.08 (1.56) 2.33 
 4.19 
 16.18 
F  1.70  0.18  0.04 (0.71) 2.25 
 2.90 
 13.07 
T  1.17  0.10  0.03  0.41  1.77 
 2.01 
 8.83 
A  1.80 (0.04)(0.01) 0.04  2.44 
 3.24 
 14.45 
CRM  1.62 (0.10) 0.00 (0.02) 0.00 
 3.02 
 13.13 
JPM  1.34  0.22  0.10  0.26  1.94 
 2.88 
 11.14 
MRK  1.56 (0.24) 0.00 (0.29) 0.00 
 2.55 
 10.58 
XOM  1.31  0.02  0.00  0.09  2.18 
 2.80 
 10.53