Direxion Daily Correlations

NUGT Etf

USD 77.68 1.55 1.96%

The current 90-days correlation between Direxion Daily Gold and Direxion Daily Gold is -1.0 (i.e., Pay attention - limited upside). 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

Average diversification

The correlation between Direxion Daily Gold and DJI is 0.18 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Gold 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 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 price.

Moving together with Direxion Etf

0.71	DWMF	WisdomTree International	Pair Corr
0.62	NFXL	Direxion Daily NFLX	Pair Corr
0.62	NIKL	Sprott Nickel Miners	Pair Corr
0.71	IHY	VanEck International High	Pair Corr
0.64	BLLD	JPMorgan	Pair Corr
0.65	COPJ	Sprott Junior Copper	Pair Corr
0.8	PICB	Invesco International	Pair Corr
0.79	GLDM	SPDR Gold Mini	Pair Corr
0.73	FID	First Trust Intl	Pair Corr

Moving against Direxion Etf

0.32	NRGU	Bank of Montreal	Pair Corr
0.32	PMBS	PIMCO Mortgage Backed	Pair Corr

Related Correlations Analysis

	DUST	JNUG	JDST	GDX	UVXY
DUST		-0.95	0.94	-0.98	0.22	DUST
JNUG	-0.95		-0.91	0.98	-0.3	JNUG
JDST	0.94	-0.91		-0.91	0.33	JDST
GDX	-0.98	0.98	-0.91		-0.2	GDX
UVXY	0.22	-0.3	0.33	-0.2		UVXY
	DUST	JNUG	JDST	GDX	UVXY

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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

GDX	+ 0.98	JNUG
JDST	+ 0.94	DUST
UVXY	+ 0.33	JDST
UVXY	+ 0.22	DUST

High negative correlations

GDX	- 0.98	DUST
JNUG	- 0.95	DUST
GDX	- 0.91	JDST
JDST	- 0.91	JNUG
UVXY	- 0.3	JNUG
UVXY	- 0.2	GDX

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
DUST	3.81	(0.55)	0.00	0.95	0.00	0.00	5.86	(9.91)	34.21
JNUG	4.15	0.65	0.11	0.89	5.18	(4.56)	9.84	(7.15)	35.65
JDST	4.23	(0.78)	0.00	(8.24)	0.00	0.00	7.25	(10.01)	39.12
GDX	1.92	0.28	0.11	0.94	2.38	(2.28)	4.85	(2.99)	15.85
UVXY	6.48	0.53	0.05	(0.08)	8.07	(8.08)	19.97	(15.09)	68.56

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