ProShares UltraShort Correlations

RXD Etf

USD 9.54 0.12 1.27%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Industrials is 0.23 (i.e., Modest diversification). The correlation of ProShares UltraShort 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.

ProShares UltraShort Correlation With Market

Very good diversification

The correlation between ProShares UltraShort Health and DJI is -0.48 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Health and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Health. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with ProShares Etf

0.74	SH	ProShares Short SP500	Pair Corr
0.75	PSQ	ProShares Short QQQ	Pair Corr
0.77	SPXU	ProShares UltraPro Short	Pair Corr
0.76	SDS	ProShares UltraShort	Pair Corr
0.76	SPXS	Direxion Daily SP	Pair Corr
0.77	QID	ProShares UltraShort QQQ Sell-off Trend	Pair Corr
0.73	SPDN	Direxion Daily SP	Pair Corr
0.79	DOG	ProShares Short Dow30	Pair Corr
0.7	NFLX	Netflix	Pair Corr
0.67	FNGD	MicroSectors FANG Index	Pair Corr
0.87	T	ATT Inc Aggressive Push	Pair Corr
0.77	VZ	Verizon Communications Aggressive Push	Pair Corr
0.67	DIS	Walt Disney	Pair Corr
0.69	BA	Boeing Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.76	VTI	Vanguard Total Stock Sell-off Trend	Pair Corr
0.73	INTL	Main International ETF	Pair Corr
0.48	EMC	Global X Funds	Pair Corr
0.43	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.42	DUKH	Ocean Park High	Pair Corr
0.87	AA	Alcoa Corp	Pair Corr
0.85	IBM	International Business	Pair Corr
0.83	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.78	DD	Dupont De Nemours	Pair Corr
0.73	GE	GE Aerospace	Pair Corr
0.72	MMM	3M Company	Pair Corr
0.71	AXP	American Express	Pair Corr
0.59	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.57	BAC	Bank of America	Pair Corr
0.51	KO	Coca Cola	Pair Corr
0.43	WMT	Walmart Earnings Call This Week	Pair Corr
0.35	JPM	JPMorgan Chase	Pair Corr

Related Correlations Analysis

	SIJ	MZZ	HFEQ	FTIF	EFU	NDAA	IRVH	MTYY	SZK	BENJ
SIJ		0.44	-0.71	-0.66	0.68	-0.65	0.31	-0.46	-0.44	-0.49	SIJ
MZZ	0.44		-0.24	-0.55	0.22	-0.25	-0.4	-0.13	-0.05	-0.04	MZZ
HFEQ	-0.71	-0.24		0.71	-0.87	0.98	-0.52	0.54	0.81	0.91	HFEQ
FTIF	-0.66	-0.55	0.71		-0.65	0.75	-0.22	0.17	0.7	0.68	FTIF
EFU	0.68	0.22	-0.87	-0.65		-0.88	0.46	-0.32	-0.56	-0.77	EFU
NDAA	-0.65	-0.25	0.98	0.75	-0.88		-0.47	0.44	0.83	0.93	NDAA
IRVH	0.31	-0.4	-0.52	-0.22	0.46	-0.47		-0.32	-0.52	-0.45	IRVH
MTYY	-0.46	-0.13	0.54	0.17	-0.32	0.44	-0.32		0.39	0.41	MTYY
SZK	-0.44	-0.05	0.81	0.7	-0.56	0.83	-0.52	0.39		0.87	SZK
BENJ	-0.49	-0.04	0.91	0.68	-0.77	0.93	-0.45	0.41	0.87		BENJ
	SIJ	MZZ	HFEQ	FTIF	EFU	NDAA	IRVH	MTYY	SZK	BENJ

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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

NDAA	+ 0.98	HFEQ
BENJ	+ 0.93	NDAA
BENJ	+ 0.91	HFEQ
BENJ	+ 0.87	SZK
SZK	+ 0.83	NDAA
SZK	+ 0.81	HFEQ

High negative correlations

NDAA	- 0.88	EFU
EFU	- 0.87	HFEQ
BENJ	- 0.77	EFU
HFEQ	- 0.71	SIJ
FTIF	- 0.66	SIJ
EFU	- 0.65	FTIF

ProShares UltraShort Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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
SIJ	1.20	0.11	(0.05)	0.00	1.35	(1.37)	2.79	(2.28)	6.82
MZZ	1.38	0.16	(0.03)	0.00	1.91	(1.36)	2.29	(2.87)	9.78
HFEQ	0.99	0.00	0.03	0.06	1.51	(0.98)	2.31	(2.12)	8.53
FTIF	0.73	(0.03)	(0.02)	0.04	0.91	(0.80)	1.92	(1.41)	5.90
EFU	1.06	0.00	0.00	0.06	0.00	0.00	2.15	(1.96)	5.83
NDAA	0.44	0.02	0.00	0.09	0.60	(0.47)	1.01	(0.77)	3.83
IRVH	0.23	(0.01)	0.00	0.19	0.00	0.00	0.48	(0.48)	1.24
MTYY	1.80	(1.32)	0.00	(1.25)	0.00	0.00	1.77	(4.85)	7.69
SZK	1.01	0.22	0.10	(0.54)	1.08	(1.12)	2.25	(2.17)	7.48
BENJ	0.01	0.01	0.00	(1.27)	0.00	0.00	0.04	(0.02)	0.08

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