ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Technology
ROM Etf  USD 80.77  2.16  2.75%   
The current 90-days correlation between ProShares Ultra Tech and ProShares Ultra Health is 0.23 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Technology and DJI is 0.68 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Technology and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with ProShares Etf

  0.98SSO ProShares Ultra SP500PairCorr
  0.98SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.61NRGU Bank of MontrealPairCorr
  0.98UPRO ProShares UltraPro SP500PairCorr
  1.0TECL Direxion Daily TechnologyPairCorr
  0.81LABU Direxion Daily SPPairCorr
  0.79UYG ProShares Ultra FinaPairCorr
  0.98VTI Vanguard Total StockPairCorr
  0.98SPY SPDR SP 500PairCorr
  0.98IVV iShares Core SPPairCorr
  0.86BND Vanguard Total BondPairCorr
  0.93VTV Vanguard Value IndexPairCorr
  0.99VUG Vanguard Growth IndexPairCorr
  0.96VO Vanguard Mid CapPairCorr
  0.86VEA Vanguard FTSE DevelopedPairCorr
  0.93VB Vanguard Small CapPairCorr
  0.94VWO Vanguard FTSE EmergingPairCorr
  0.95JPM JPMorgan ChasePairCorr
  0.79AA Alcoa CorpPairCorr
  0.75PFE Pfizer IncPairCorr
  0.95CAT CaterpillarPairCorr
  0.74MRK Merck CompanyPairCorr
  0.78JNJ Johnson JohnsonPairCorr
  0.78DD Dupont De NemoursPairCorr
  0.8BAC Bank of AmericaPairCorr
  0.86GE GE AerospacePairCorr
  0.91CVX Chevron CorpPairCorr

Moving against ProShares Etf

  0.66FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.56KO Coca ColaPairCorr
  0.47TRV The Travelers CompaniesPairCorr

Related Correlations Analysis


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

UXI
+ 0.92
USD
UCC
+ 0.85
UXI
UPW
+ 0.84
USD
UCC
+ 0.83
USD
UPW
+ 0.79
UCC
UPW
+ 0.77
UXI
  

High negative correlations

UPW
- 0.15
RXL

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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.

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