Direxion Daily Correlations

MIDU Etf

USD 45.01 0.29 0.65%

The current 90-days correlation between Direxion Daily Mid and Direxion Daily Retail is 0.9 (i.e., Almost no diversification). The correlation of Direxion Daily is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Direxion Daily Correlation With Market

Almost no diversification

The correlation between Direxion Daily Mid and DJI is 0.94 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Mid and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily Mid. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Direxion Etf

0.94	SSO	ProShares Ultra SP500	Pair Corr
0.95	SPXL	Direxion Daily SP500	Pair Corr
0.89	QLD	ProShares Ultra QQQ	Pair Corr
0.65	NRGU	Bank of Montreal	Pair Corr
0.95	UPRO	ProShares UltraPro SP500	Pair Corr
0.89	TECL	Direxion Daily Technology	Pair Corr
0.82	GUSH	Direxion Daily SP	Pair Corr
0.98	UYG	ProShares Ultra Fina	Pair Corr
0.9	SIXD	AIM ETF Products	Pair Corr
0.81	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.95	CEFD	ETRACS Monthly Pay	Pair Corr
0.74	DD	Dupont De Nemours	Pair Corr
0.85	AA	Alcoa Corp	Pair Corr
0.75	HD	Home Depot	Pair Corr
0.82	GE	GE Aerospace	Pair Corr
0.93	CAT	Caterpillar	Pair Corr
0.68	HPQ	HP Inc	Pair Corr
0.89	AXP	American Express	Pair Corr
0.76	TRV	The Travelers Companies	Pair Corr
0.73	PFE	Pfizer Inc	Pair Corr
0.95	MMM	3M Company	Pair Corr
0.83	DIS	Walt Disney	Pair Corr
0.92	BAC	Bank of America Aggressive Push	Pair Corr

Moving against Direxion Etf

0.97	VXX	iPath Series B	Pair Corr
0.97	VIXY	ProShares VIX Short Sell-off Trend	Pair Corr
0.43	YCL	ProShares Ultra Yen	Pair Corr

Related Correlations Analysis

	RETL	DUSL	TPOR	EURL	DRN
RETL		0.98	0.74	0.89	0.64	RETL
DUSL	0.98		0.77	0.91	0.69	DUSL
TPOR	0.74	0.77		0.7	0.68	TPOR
EURL	0.89	0.91	0.7		0.66	EURL
DRN	0.64	0.69	0.68	0.66		DRN
	RETL	DUSL	TPOR	EURL	DRN

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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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
RETL	3.94	0.25	0.05	0.11	5.69	(4.17)	6.97	(8.06)	36.03
DUSL	3.32	0.27	0.06	0.11	5.07	(3.48)	5.52	(6.73)	35.81
TPOR	4.55	0.20	0.02	(0.47)	6.38	(5.04)	7.83	(8.87)	45.93
EURL	2.62	0.28	0.05	(0.81)	4.35	(2.82)	5.53	(4.38)	26.48
DRN	2.76	(0.14)	0.00	(0.04)	0.00	0.00	5.65	(7.62)	24.71

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