ProShares UltraShort Correlations

GLL Etf

USD 23.92 0.34 1.40%

The current 90-days correlation between ProShares UltraShort Gold and Direxion Shares ETF is 0.16 (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 -0.23 (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

0.93	ZSL	ProShares UltraShort	Pair Corr
0.94	GDXD	MicroSectors Gold Miners	Pair Corr
0.75	DGZ	DB Gold Short Potential Growth	Pair Corr
1.0	DULL	MicroSectors Gold	Pair Corr
0.76	GRI	GRI Bio	Pair Corr

Moving against ProShares Etf

0.79	SLYV	SPDR SP 600	Pair Corr
0.77	MDY	SPDR SP MIDCAP	Pair Corr
0.7	SLYG	SPDR SP 600	Pair Corr
0.67	SCO	ProShares UltraShort	Pair Corr
0.59	KRMA	Global X Conscious	Pair Corr
0.56	IVV	iShares Core SP	Pair Corr
0.55	SPY	SPDR SP 500	Pair Corr
0.85	JEPI	JPMorgan Equity Premium	Pair Corr
0.84	FNDF	Schwab Fundamental	Pair Corr
0.84	FGD	First Trust Dow	Pair Corr
0.81	SPDW	SPDR SP World	Pair Corr
0.81	INOV	Innovator ETFs Trust	Pair Corr
0.79	RSSE	First Trust Exchange	Pair Corr
0.77	DJD	Invesco Dow Jones	Pair Corr
0.77	LABU	Direxion Daily SP	Pair Corr
0.76	FTBI	First Trust Exchange	Pair Corr
0.75	TJAN	Innovator Equity Defined	Pair Corr
0.75	IXUS	iShares Core MSCI	Pair Corr
0.73	MBB	iShares MBS ETF	Pair Corr
0.53	TBXU	Direxion Shares ETF	Pair Corr
0.46	SSO	ProShares Ultra SP500	Pair Corr
0.42	IEMG	iShares Core MSCI	Pair Corr
0.41	EEMX	SPDR MSCI Emerging	Pair Corr
0.39	ITA	iShares Aerospace Defense Low Volatility	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.63	0.38	-0.48	0.26	-0.32	0.31	-0.26	-0.37	-0.47	META
MSFT	0.63		0.84	-0.56	0.43	-0.03	-0.04	-0.48	-0.82	-0.65	MSFT
UBER	0.38	0.84		-0.55	0.47	0.2	-0.24	-0.48	-0.83	-0.63	UBER
F	-0.48	-0.56	-0.55		-0.68	0.24	0.36	0.58	0.68	0.77	F
T	0.26	0.43	0.47	-0.68		0.25	-0.67	-0.62	-0.45	-0.57	T
A	-0.32	-0.03	0.2	0.24	0.25		-0.48	-0.27	0.01	0.0	A
CRM	0.31	-0.04	-0.24	0.36	-0.67	-0.48		0.54	0.27	0.32	CRM
JPM	-0.26	-0.48	-0.48	0.58	-0.62	-0.27	0.54		0.65	0.66	JPM
MRK	-0.37	-0.82	-0.83	0.68	-0.45	0.01	0.27	0.65		0.8	MRK
XOM	-0.47	-0.65	-0.63	0.77	-0.57	0.0	0.32	0.66	0.8		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	+ 0.84	MSFT
XOM	+ 0.8	MRK
XOM	+ 0.77	F
MRK	+ 0.68	F
XOM	+ 0.66	JPM
MRK	+ 0.65	JPM

High negative correlations

MRK	- 0.83	UBER
MRK	- 0.82	MSFT
T	- 0.68	F
CRM	- 0.67	T
XOM	- 0.65	MSFT
XOM	- 0.63	UBER

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	1.36	(0.20)	0.00	(0.12)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.91	(0.18)	0.00	(0.27)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.54	(0.28)	0.00	(0.19)	0.00	0.00	2.60	(3.82)	10.23
F	1.44	0.18	0.14	0.22	1.32	(1.68)	3.38	(2.35)	16.30
T	0.88	(0.14)	0.00	(0.52)	0.00	0.00	1.61	(1.83)	5.75
A	1.13	0.01	0.02	0.09	1.26	(1.22)	2.34	(2.22)	6.50
CRM	1.51	0.06	0.02	0.16	1.92	(1.53)	3.66	(2.92)	9.91
JPM	1.12	0.10	0.01	1.54	1.44	(1.17)	2.34	(2.28)	7.02
MRK	1.22	0.30	0.22	0.45	1.05	(1.52)	3.59	(1.98)	8.09
XOM	1.04	0.12	0.05	0.44	1.06	(1.15)	2.21	(1.93)	5.82

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