ProShares UltraShort Correlations

RXD Etf

USD 12.69 0.15 1.20%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is -0.21 (i.e., Very good 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

Significant diversification

The correlation between ProShares UltraShort Health and DJI is 0.07 (i.e., Significant 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 interest.

Moving against ProShares Etf

0.5	QID	ProShares UltraShort QQQ	Pair Corr
0.47	PSQ	ProShares Short QQQ	Pair Corr
0.44	SPXU	ProShares UltraPro Short Aggressive Push	Pair Corr
0.42	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.38	SPDN	Direxion Daily SP	Pair Corr
0.32	SPXS	Direxion Daily SP Aggressive Push	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.91	0.74	0.78	0.53	0.67	0.53	0.86	-0.17	0.13	META
MSFT	0.91		0.89	0.82	0.54	0.37	0.43	0.92	-0.47	-0.17	MSFT
UBER	0.74	0.89		0.87	0.49	0.26	0.61	0.88	-0.51	-0.19	UBER
F	0.78	0.82	0.87		0.5	0.49	0.65	0.9	-0.24	0.11	F
T	0.53	0.54	0.49	0.5		0.28	0.2	0.57	-0.18	0.11	T
A	0.67	0.37	0.26	0.49	0.28		0.6	0.41	0.55	0.7	A
CRM	0.53	0.43	0.61	0.65	0.2	0.6		0.49	0.17	0.31	CRM
JPM	0.86	0.92	0.88	0.9	0.57	0.41	0.49		-0.41	-0.05	JPM
MRK	-0.17	-0.47	-0.51	-0.24	-0.18	0.55	0.17	-0.41		0.72	MRK
XOM	0.13	-0.17	-0.19	0.11	0.11	0.7	0.31	-0.05	0.72		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.92	MSFT
MSFT	+ 0.91	META
JPM	+ 0.9	F
UBER	+ 0.89	MSFT
JPM	+ 0.88	UBER
F	+ 0.87	UBER

High negative correlations

MRK	- 0.51	UBER
MRK	- 0.47	MSFT
MRK	- 0.41	JPM
MRK	- 0.24	F
XOM	- 0.19	UBER
MRK	- 0.18	T

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
META	2.11	0.25	0.08	(6.57)	2.52	(2.36)	4.23	(4.29)	21.50
MSFT	1.23	0.34	0.19	(5.80)	1.19	(1.34)	2.40	(2.36)	13.79
UBER	1.90	0.24	0.08	(1.40)	2.28	(2.09)	4.19	(3.48)	16.18
F	1.71	0.11	0.04	0.14	2.24	(1.75)	2.90	(3.84)	13.07
T	1.14	0.08	0.03	0.29	1.79	(1.14)	2.01	(2.62)	8.83
A	1.78	(0.06)	0.00	0.23	0.00	0.00	2.76	(4.15)	14.45
CRM	1.59	(0.10)	0.00	1.72	0.00	0.00	3.01	(3.64)	13.13
JPM	1.32	0.23	0.10	0.23	1.95	(1.38)	2.75	(2.12)	11.14
MRK	1.62	(0.23)	0.00	0.86	0.00	0.00	2.55	(4.72)	10.58
XOM	1.28	0.01	0.00	1.71	2.24	(1.20)	2.62	(2.77)	10.53

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