Direxion Daily Correlations

NUGT Etf

USD 167.05 14.64 9.61%

The current 90-days correlation between Direxion Daily Gold and Sprott Active Metals is -0.19 (i.e., Good 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

Modest diversification

The correlation between Direxion Daily Gold and DJI is 0.2 (i.e., Modest 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 rate.

Moving together with Direxion Etf

0.61	INTC	Intel Aggressive Push	Pair Corr
0.64	WMT	Walmart Aggressive Push	Pair Corr

Moving against Direxion Etf

0.36	VZ	Verizon Communications	Pair Corr
0.58	PG	Procter Gamble Sell-off Trend	Pair Corr
0.44	MCD	McDonalds	Pair Corr
0.4	T	ATT Inc Sell-off Trend	Pair Corr

Related Correlations Analysis

	METL	DUST	NANR	NRES	NUGT	WOOD	FMAT	FMTL	CUT
METL		-0.31	0.32	0.15	0.37	-0.29	0.09	0.28	-0.25	METL
DUST	-0.31		-0.86	-0.81	-0.84	0.75	0.47	0.21	0.81	DUST
NANR	0.32	-0.86		0.79	0.81	-0.46	-0.14	0.06	-0.51	NANR
NRES	0.15	-0.81	0.79		0.62	-0.67	-0.48	-0.21	-0.66	NRES
NUGT	0.37	-0.84	0.81	0.62		-0.5	-0.18	0.02	-0.58	NUGT
WOOD	-0.29	0.75	-0.46	-0.67	-0.5		0.83	0.56	0.96	WOOD
FMAT	0.09	0.47	-0.14	-0.48	-0.18	0.83		0.76	0.84	FMAT
FMTL	0.28	0.21	0.06	-0.21	0.02	0.56	0.76		0.55	FMTL
CUT	-0.25	0.81	-0.51	-0.66	-0.58	0.96	0.84	0.55		CUT
	METL	DUST	NANR	NRES	NUGT	WOOD	FMAT	FMTL	CUT

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

CUT	+ 0.96	WOOD
CUT	+ 0.84	FMAT
FMAT	+ 0.83	WOOD
CUT	+ 0.81	DUST
NUGT	+ 0.81	NANR
NRES	+ 0.79	NANR

High negative correlations

NANR	- 0.86	DUST
NUGT	- 0.84	DUST
NRES	- 0.81	DUST
WOOD	- 0.67	NRES
CUT	- 0.66	NRES
CUT	- 0.58	NUGT

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
METL	1.87	0.20	0.05	7.06	2.61	(1.87)	4.11	(4.93)	13.76
DUST	4.00	(0.75)	0.00	0.71	0.00	0.00	8.67	(9.52)	30.31
NANR	0.78	0.08	0.03	0.41	1.14	(0.78)	1.70	(1.99)	5.64
NRES	0.77	0.06	0.02	0.37	0.87	(0.85)	1.53	(1.74)	7.54
NUGT	4.05	0.81	0.13	0.55	5.55	(4.17)	9.61	(8.79)	29.19
WOOD	0.76	(0.18)	0.00	(0.17)	0.00	0.00	1.49	(1.54)	4.21
FMAT	0.77	(0.07)	0.00	(0.20)	0.00	0.00	1.64	(1.55)	4.01
FMTL	1.54	0.48	0.28	1.01	1.16	(1.85)	3.51	(2.46)	5.97
CUT	0.73	(0.16)	0.00	(0.89)	0.00	0.00	1.41	(1.77)	3.78

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