Direxion Daily Correlations

TSMZ Etf

16.08 0.20 1.23%

The current 90-days correlation between Direxion Daily TSM and ProShares Short SP500 is 0.58 (i.e., Very weak 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

Very good diversification

The correlation between Direxion Daily TSM and DJI is -0.38 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily TSM 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 TSM. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with Direxion Etf

0.95	SH	ProShares Short SP500	Pair Corr
0.95	PSQ	ProShares Short QQQ	Pair Corr
0.95	SPXU	ProShares UltraPro Short Potential Growth	Pair Corr
0.95	SDS	ProShares UltraShort	Pair Corr
0.95	SPXS	Direxion Daily SP Potential Growth	Pair Corr
0.95	QID	ProShares UltraShort QQQ	Pair Corr
0.88	RWM	ProShares Short Russ	Pair Corr
0.95	SPDN	Direxion Daily SP	Pair Corr
0.81	TAIL	Cambria Tail Risk	Pair Corr
0.87	DOG	ProShares Short Dow30	Pair Corr
0.84	PG	Procter Gamble Sell-off Trend	Pair Corr

Moving against Direxion Etf

0.93	MSFT	Microsoft	Pair Corr
0.91	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.91	ITWO	Proshares Russell 2000 Low Volatility	Pair Corr
0.83	PMBS	PIMCO Mortgage Backed	Pair Corr
0.6	MMM	3M Company	Pair Corr
0.47	AMPD	Tidal ETF Services	Pair Corr
0.93	JPM	JPMorgan Chase	Pair Corr
0.91	CAT	Caterpillar	Pair Corr
0.88	CVX	Chevron Corp	Pair Corr
0.8	BAC	Bank of America Aggressive Push	Pair Corr
0.79	GE	GE Aerospace	Pair Corr
0.78	BA	Boeing	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.61	DIS	Walt Disney Sell-off Trend	Pair Corr
0.56	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.56	AXP	American Express	Pair Corr
0.47	INTC	Intel	Pair Corr
0.47	HD	Home Depot	Pair Corr
0.34	T	ATT Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.89	0.56	0.67	0.63	0.47	-0.75	0.76	0.59	0.31	META
MSFT	0.89		0.55	0.72	0.38	0.37	-0.66	0.91	0.63	0.42	MSFT
UBER	0.56	0.55		0.84	0.44	0.56	-0.21	0.68	0.67	0.4	UBER
F	0.67	0.72	0.84		0.38	0.54	-0.45	0.81	0.84	0.57	F
T	0.63	0.38	0.44	0.38		0.47	-0.5	0.37	0.44	-0.01	T
A	0.47	0.37	0.56	0.54	0.47		-0.06	0.48	0.65	0.51	A
CRM	-0.75	-0.66	-0.21	-0.45	-0.5	-0.06		-0.44	-0.38	-0.06	CRM
JPM	0.76	0.91	0.68	0.81	0.37	0.48	-0.44		0.73	0.52	JPM
MRK	0.59	0.63	0.67	0.84	0.44	0.65	-0.38	0.73		0.64	MRK
XOM	0.31	0.42	0.4	0.57	-0.01	0.51	-0.06	0.52	0.64		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	+ 0.91	MSFT
MSFT	+ 0.89	META
F	+ 0.84	UBER
MRK	+ 0.84	F
JPM	+ 0.81	F
JPM	+ 0.76	META

High negative correlations

CRM	- 0.75	META
CRM	- 0.66	MSFT
CRM	- 0.5	T
CRM	- 0.45	F
JPM	- 0.44	CRM
MRK	- 0.38	CRM

Direxion Daily Competition 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	0.37	0.11	(0.30)	1.12	(1.70)	3.16	(2.27)	14.28
MSFT	0.71	0.21	0.06	(0.39)	0.60	(0.81)	1.80	(1.42)	5.71
UBER	1.38	0.07	0.02	0.23	1.55	(1.49)	2.72	(2.02)	11.37
F	1.28	0.25	0.05	(0.56)	1.45	(1.32)	2.55	(2.36)	7.46
T	0.74	0.08	(0.03)	1.39	0.94	(0.75)	1.63	(1.96)	5.41
A	1.38	(0.07)	0.00	0.08	1.62	(1.47)	2.82	(2.46)	9.19
CRM	1.24	(0.37)	0.00	(0.17)	0.00	0.00	2.32	(3.26)	6.27
JPM	0.81	0.23	0.07	(0.53)	0.82	(0.91)	1.78	(1.36)	5.19
MRK	1.16	0.15	0.03	0.88	1.42	(1.12)	2.90	(2.36)	7.79
XOM	0.99	0.14	0.01	(1.56)	1.23	(0.99)	2.14	(2.07)	6.25

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