ProShares UltraShort Correlations

SMN Etf

USD 11.38 0.07 0.62%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is 0.54 (i.e., Very weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Basic moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort Basic and DJI is -0.71 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Basic and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Basic. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving together with ProShares Etf

0.64	SDS	ProShares UltraShort	Pair Corr
0.84	RWM	ProShares Short Russ	Pair Corr
0.71	TAIL	Cambria Tail Risk	Pair Corr
0.73	DOG	ProShares Short Dow30	Pair Corr
0.68	FNGO	MicroSectors FANG Index	Pair Corr
0.68	FNGG	Direxion Daily Select	Pair Corr
0.62	HPQ	HP Inc	Pair Corr

Moving against ProShares Etf

0.92	AGQ	ProShares Ultra Silver Downward Rally	Pair Corr
0.92	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.78	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.77	MRK	Merck Company	Pair Corr
0.74	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.69	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.59	CAT	Caterpillar Sell-off Trend	Pair Corr
0.58	CVX	Chevron Corp	Pair Corr
0.57	BAC	Bank of America	Pair Corr
0.57	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.54	DIS	Walt Disney	Pair Corr
0.53	INTC	Intel Aggressive Push	Pair Corr
0.41	AXP	American Express	Pair Corr

Related Correlations Analysis

	SZK	MZZ	EFU	FLYD	AZYY	ZYN	GEOA	SIJ	GLCR	CHRI
SZK		0.62	0.52	0.48	0.55	-0.17	-0.54	0.56	-0.71	-0.25	SZK
MZZ	0.62		0.93	0.92	0.4	-0.27	-0.94	0.92	-0.67	-0.83	MZZ
EFU	0.52	0.93		0.91	0.27	-0.1	-0.95	0.94	-0.67	-0.82	EFU
FLYD	0.48	0.92	0.91		0.38	-0.27	-0.86	0.82	-0.67	-0.77	FLYD
AZYY	0.55	0.4	0.27	0.38		-0.68	-0.36	0.23	-0.35	-0.01	AZYY
ZYN	-0.17	-0.27	-0.1	-0.27	-0.68		0.23	0.0	-0.09	0.15	ZYN
GEOA	-0.54	-0.94	-0.95	-0.86	-0.36	0.23		-0.94	0.57	0.85	GEOA
SIJ	0.56	0.92	0.94	0.82	0.23	0.0	-0.94		-0.67	-0.79	SIJ
GLCR	-0.71	-0.67	-0.67	-0.67	-0.35	-0.09	0.57	-0.67		0.41	GLCR
CHRI	-0.25	-0.83	-0.82	-0.77	-0.01	0.15	0.85	-0.79	0.41		CHRI
	SZK	MZZ	EFU	FLYD	AZYY	ZYN	GEOA	SIJ	GLCR	CHRI

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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

SIJ	+ 0.94	EFU
EFU	+ 0.93	MZZ
FLYD	+ 0.92	MZZ
SIJ	+ 0.92	MZZ
FLYD	+ 0.91	EFU
CHRI	+ 0.85	GEOA

High negative correlations

GEOA	- 0.95	EFU
SIJ	- 0.94	GEOA
GEOA	- 0.94	MZZ
GEOA	- 0.86	FLYD
CHRI	- 0.83	MZZ
CHRI	- 0.82	EFU

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
SZK	1.20	(0.07)	0.00	0.23	0.00	0.00	1.82	(2.56)	9.07
MZZ	1.43	(0.02)	0.00	0.10	0.00	0.00	2.80	(2.93)	8.66
EFU	1.02	(0.09)	0.00	0.15	0.00	0.00	2.19	(2.22)	5.62
FLYD	3.11	0.16	0.00	0.05	0.00	0.00	7.95	(6.37)	20.43
AZYY	1.05	(0.18)	0.00	(0.10)	0.00	0.00	2.02	(2.91)	6.76
ZYN	2.38	(0.36)	0.00	(1.83)	0.00	0.00	5.04	(5.62)	12.94
GEOA	0.59	0.07	0.08	0.18	0.54	(0.66)	1.16	(1.15)	2.71
SIJ	1.44	(0.06)	0.00	0.12	0.00	0.00	3.14	(2.72)	8.44
GLCR	0.72	(0.02)	(0.06)	0.05	1.12	(0.73)	1.45	(1.39)	5.68
CHRI	0.54	(0.02)	(0.05)	0.07	0.70	(0.52)	1.04	(1.19)	3.26

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