Direxion Daily Correlations

NAIL Etf

USD 62.85 0.62 0.98%

The current 90-days correlation between Direxion Daily Homeb and Columbia Emerging Markets is 0.1 (i.e., Average 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 Homebuilders moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Modest diversification

The correlation between Direxion Daily Homebuilders and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Homebuilders 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 Homebuilders. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Direxion Etf

0.75	UYG	ProShares Ultra Fina	Pair Corr
0.72	VZ	Verizon Communications	Pair Corr
0.89	PG	Procter Gamble	Pair Corr
0.86	T	ATT Inc	Pair Corr
0.74	HPQ	HP Inc	Pair Corr

Moving against Direxion Etf

0.82	LABU	Direxion Daily SP	Pair Corr
0.79	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.69	TCAI	Tortoise Capital Series	Pair Corr
0.58	QLD	ProShares Ultra QQQ	Pair Corr
0.56	MRK	Merck Company	Pair Corr
0.55	ITDD	iShares Trust	Pair Corr
0.52	SSO	ProShares Ultra SP500	Pair Corr
0.52	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.5	TECL	Direxion Daily Technology	Pair Corr
0.49	SPXL	Direxion Daily SP500	Pair Corr
0.43	UPRO	ProShares UltraPro SP500	Pair Corr
0.32	TRV	The Travelers Companies	Pair Corr
0.89	CAT	Caterpillar	Pair Corr
0.79	CSCO	Cisco Systems	Pair Corr
0.77	JNJ	Johnson Johnson	Pair Corr
0.75	INTC	Intel Buyout Trend	Pair Corr
0.69	AA	Alcoa Corp	Pair Corr
0.65	XOM	Exxon Mobil Corp	Pair Corr
0.65	AXP	American Express	Pair Corr
0.65	KO	Coca Cola	Pair Corr
0.59	MMM	3M Company	Pair Corr
0.51	BAC	Bank of America Sell-off Trend	Pair Corr

Related Correlations Analysis

	ECON	WANT	FDIS	FLYU	FLYD	BJK	FXD	ITB
ECON		0.07	0.11	-0.66	0.48	-0.75	-0.55	-0.69	ECON
WANT	0.07		0.99	0.59	-0.68	0.54	0.67	0.56	WANT
FDIS	0.11	0.99		0.55	-0.68	0.5	0.67	0.54	FDIS
FLYU	-0.66	0.59	0.55		-0.87	0.91	0.88	0.91	FLYU
FLYD	0.48	-0.68	-0.68	-0.87		-0.86	-0.94	-0.85	FLYD
BJK	-0.75	0.54	0.5	0.91	-0.86		0.9	0.91	BJK
FXD	-0.55	0.67	0.67	0.88	-0.94	0.9		0.95	FXD
ITB	-0.69	0.56	0.54	0.91	-0.85	0.91	0.95		ITB
	ECON	WANT	FDIS	FLYU	FLYD	BJK	FXD	ITB

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

FDIS	+ 0.99	WANT
ITB	+ 0.95	FXD
BJK	+ 0.91	FLYU
ITB	+ 0.91	FLYU
ITB	+ 0.91	BJK
FXD	+ 0.9	BJK

High negative correlations

FXD	- 0.94	FLYD
FLYD	- 0.87	FLYU
BJK	- 0.86	FLYD
ITB	- 0.85	FLYD
BJK	- 0.75	ECON
ITB	- 0.69	ECON

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
ECON	0.71	0.12	0.06	1.04	0.96	(0.77)	1.45	(1.40)	5.07
WANT	2.80	0.02	(0.01)	(0.90)	3.70	(2.75)	5.81	(6.82)	15.17
FDIS	0.96	0.01	(0.04)	(0.50)	1.32	(0.90)	2.21	(2.23)	5.21
FLYU	3.03	(0.49)	0.00	(0.07)	0.00	0.00	6.14	(8.15)	17.35
FLYD	3.03	0.30	0.06	(1.13)	3.57	(3.23)	7.95	(6.61)	20.43
BJK	0.76	(0.18)	0.00	(0.52)	0.00	0.00	1.50	(2.19)	5.10
FXD	0.89	(0.04)	0.00	(0.20)	0.00	0.00	1.89	(1.74)	4.44
ITB	1.12	(0.12)	0.00	(0.19)	0.00	0.00	2.99	(2.97)	6.25

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