Direxion Daily Correlations

SPXS Etf

USD 34.11 0.32 0.93%

The current 90-days correlation between Direxion Daily SP and Direxion Daily Aerospace is -0.05 (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

Pay attention - limited upside

The correlation between Direxion Daily SP and DJI is -0.8 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

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

Moving together with Direxion Etf

0.98	SH	ProShares Short SP500 Sell-off Trend	Pair Corr
0.92	PSQ	ProShares Short QQQ Sell-off Trend	Pair Corr
0.77	SPXU	ProShares UltraPro Short	Pair Corr
1.0	SDS	ProShares UltraShort	Pair Corr
0.76	QID	ProShares UltraShort QQQ	Pair Corr
0.73	SPDN	Direxion Daily SP Sell-off Trend	Pair Corr
0.72	TAIL	Cambria Tail Risk	Pair Corr
0.91	DOG	ProShares Short Dow30	Pair Corr

Moving against Direxion Etf

0.82	UPRO	ProShares UltraPro SP500	Pair Corr
0.74	QLD	ProShares Ultra QQQ	Pair Corr
0.73	ROM	ProShares Ultra Tech	Pair Corr
0.63	SMH	VanEck Semiconductor ETF	Pair Corr
0.55	TECL	Direxion Daily Technology	Pair Corr
0.48	USD	ProShares Ultra Semi	Pair Corr
0.9	GTR	WisdomTree Target Range	Pair Corr
0.89	PSI	Invesco Dynamic Semi	Pair Corr
0.86	JADE	JP Morgan Exchange	Pair Corr
0.83	CSD	Invesco SP Spin	Pair Corr
0.82	SPXL	Direxion Daily SP500	Pair Corr
0.79	VOO	Vanguard SP 500	Pair Corr
0.73	QQH	HCM Defender 100	Pair Corr
0.73	ITDJ	iShares Trust	Pair Corr
0.65	SOXX	iShares Semiconductor ETF	Pair Corr
0.63	SCZ	iShares MSCI EAFE	Pair Corr
0.57	ECOW	Pacer Emerging Markets	Pair Corr
0.54	CPER	United States Copper	Pair Corr
0.53	ZSB	USCF Sustainable Battery	Pair Corr
1.0	GUSA	Goldman Sachs MarketBeta	Pair Corr
0.89	TJUL	Innovator Etfs Trust	Pair Corr
0.85	FTBI	First Trust Exchange	Pair Corr
0.78	FFLG	Fidelity Covington Trust Low Volatility	Pair Corr
0.75	QQQM	Invesco NASDAQ 100	Pair Corr
0.73	QLC	FlexShares Quality Large	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.54	-0.62	0.54	-0.57	0.22	-0.15	-0.56	-0.61	META
MSFT	0.66		0.83	-0.51	0.36	-0.2	0.07	-0.32	-0.77	-0.61	MSFT
UBER	0.54	0.83		-0.61	0.57	-0.27	-0.14	-0.27	-0.85	-0.59	UBER
F	-0.62	-0.51	-0.61		-0.7	0.53	0.3	0.41	0.69	0.75	F
T	0.54	0.36	0.57	-0.7		-0.52	-0.5	-0.21	-0.53	-0.47	T
A	-0.57	-0.2	-0.27	0.53	-0.52		-0.18	-0.26	0.46	0.23	A
CRM	0.22	0.07	-0.14	0.3	-0.5	-0.18		0.37	0.07	0.17	CRM
JPM	-0.15	-0.32	-0.27	0.41	-0.21	-0.26	0.37		0.32	0.41	JPM
MRK	-0.56	-0.77	-0.85	0.69	-0.53	0.46	0.07	0.32		0.65	MRK
XOM	-0.61	-0.61	-0.59	0.75	-0.47	0.23	0.17	0.41	0.65		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

UBER	+ 0.83	MSFT
XOM	+ 0.75	F
MRK	+ 0.69	F
MSFT	+ 0.66	META
XOM	+ 0.65	MRK
T	+ 0.57	UBER

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.77	MSFT
T	- 0.7	F
F	- 0.62	META
F	- 0.61	UBER
XOM	- 0.61	MSFT

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
META	1.39	(0.24)	0.00	(0.19)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.90	(0.11)	0.00	(0.11)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.46	(0.35)	0.00	(0.25)	0.00	0.00	2.60	(3.82)	10.51
F	1.51	0.13	0.08	0.16	1.69	(1.65)	3.38	(2.63)	16.30
T	0.97	(0.24)	0.00	(0.75)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.07	0.06	0.13	1.31	(1.37)	2.34	(2.21)	11.03
CRM	1.54	0.06	0.03	0.13	1.97	(1.52)	3.66	(2.92)	9.91
JPM	1.05	0.00	0.01	0.07	1.40	(1.05)	2.00	(1.91)	7.02
MRK	1.45	0.40	0.28	0.53	1.08	(1.84)	4.85	(2.06)	11.45
XOM	0.94	0.06	0.01	0.33	0.99	(1.00)	1.96	(1.51)	4.99

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