ProShares UltraShort Correlations

GLL Etf

USD 23.14 0.21 0.92%

The current 90-days correlation between ProShares UltraShort Gold and Direxion Shares ETF is 0.13 (i.e., Average 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 Gold 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 Gold and DJI is -0.22 (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 Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in industry.

Moving together with ProShares Etf

0.94	ZSL	ProShares UltraShort	Pair Corr
0.95	GDXD	MicroSectors Gold Miners	Pair Corr
0.75	DGZ	DB Gold Short	Pair Corr
1.0	DULL	MicroSectors Gold	Pair Corr
0.71	MPAY	Exchange Traded Concepts	Pair Corr

Moving against ProShares Etf

1.0	IAUM	iShares Gold Trust	Pair Corr
0.89	SCHD	Schwab Dividend Equity	Pair Corr
0.88	VCSH	Vanguard Short Term Sell-off Trend	Pair Corr
0.84	OGSP	Spinnaker ETF Series	Pair Corr
0.83	CPST	Calamos ETF Trust	Pair Corr
0.82	IVE	iShares SP 500	Pair Corr
0.82	VB	Vanguard Small Cap	Pair Corr
0.82	DYLG	Global X Funds	Pair Corr
0.8	FB	ProShares Trust ProShares	Pair Corr
0.78	JULT	AIM ETF Products	Pair Corr
0.78	LBO	WHITEWOLF Publicly Listed	Pair Corr
0.78	OMFS	Oppenheimer Russell 2000	Pair Corr
0.77	ITDD	iShares Trust	Pair Corr
0.77	DIA	SPDR Dow Jones	Pair Corr
0.76	SRLN	SPDR Blackstone Senior	Pair Corr
0.76	FEMS	First Trust Emerging	Pair Corr
0.74	URTH	iShares MSCI World	Pair Corr
0.53	VPC	Virtus Private Credit	Pair Corr
0.5	MEM	MAYBANK EMERGING ETF	Pair Corr
0.4	GIAX	Nicholas Global Equity	Pair Corr
0.35	SCO	ProShares UltraShort	Pair Corr
0.91	FIVA	Fidelity International	Pair Corr
0.89	SETM	Sprott Energy Transition	Pair Corr
0.87	VGSH	Vanguard Short Term Sell-off Trend	Pair Corr
0.87	RSPF	Invesco SP 500	Pair Corr
0.84	SKOR	FlexShares Credit	Pair Corr
0.83	TBLL	Invesco Short Term	Pair Corr
0.83	VXUS	Vanguard Total Inter	Pair Corr
0.83	DXUV	Dimensional ETF Trust	Pair Corr
0.83	SSXU	Day HaganNed Davis	Pair Corr
0.83	SGVT	Schwab Strategic Trust	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.6	0.32	-0.39	0.24	-0.24	0.43	-0.19	-0.35	-0.43	META
MSFT	0.6		0.8	-0.55	0.48	0.06	0.13	-0.45	-0.84	-0.7	MSFT
UBER	0.32	0.8		-0.49	0.44	0.32	-0.14	-0.5	-0.81	-0.54	UBER
F	-0.39	-0.55	-0.49		-0.71	0.09	0.24	0.66	0.71	0.73	F
T	0.24	0.48	0.44	-0.71		0.32	-0.45	-0.6	-0.51	-0.64	T
A	-0.24	0.06	0.32	0.09	0.32		-0.5	-0.26	-0.06	-0.09	A
CRM	0.43	0.13	-0.14	0.24	-0.45	-0.5		0.52	0.11	0.02	CRM
JPM	-0.19	-0.45	-0.5	0.66	-0.6	-0.26	0.52		0.64	0.52	JPM
MRK	-0.35	-0.84	-0.81	0.71	-0.51	-0.06	0.11	0.64		0.79	MRK
XOM	-0.43	-0.7	-0.54	0.73	-0.64	-0.09	0.02	0.52	0.79		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

UBER	+ 0.8	MSFT
XOM	+ 0.79	MRK
XOM	+ 0.73	F
MRK	+ 0.71	F
JPM	+ 0.66	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.81	UBER
T	- 0.71	F
XOM	- 0.7	MSFT
XOM	- 0.64	T
JPM	- 0.6	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	1.32	(0.28)	0.00	(0.20)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.94	(0.21)	0.00	(0.38)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.46	(0.23)	0.00	(0.17)	0.00	0.00	2.60	(3.82)	10.23
F	1.42	0.13	0.12	0.18	1.27	(1.72)	3.38	(2.35)	16.30
T	0.89	(0.18)	0.00	(0.42)	0.00	0.00	1.53	(1.85)	4.30
A	1.14	(0.09)	(0.05)	0.02	1.39	(1.20)	2.34	(2.22)	6.50
CRM	1.57	(0.16)	0.00	(0.06)	0.00	0.00	3.66	(2.92)	12.37
JPM	1.12	(0.07)	(0.02)	0.04	1.59	(1.13)	2.00	(2.34)	7.38
MRK	1.23	0.32	0.23	0.44	1.01	(1.55)	3.59	(1.98)	8.09
XOM	1.07	0.23	0.12	2.92	0.98	(1.24)	2.37	(1.51)	5.82

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