Direxion Daily Correlations

UBOT Etf

USD 25.71 0.63 2.39%

The current 90-days correlation between Direxion Daily Robotics and Direxion Daily FTSE is 0.52 (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

Good diversification

The correlation between Direxion Daily Robotics and DJI is -0.06 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Robotics 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 Robotics. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Direxion Etf

0.82	SSO	ProShares Ultra SP500	Pair Corr
0.82	SPXL	Direxion Daily SP500	Pair Corr
0.88	QLD	ProShares Ultra QQQ	Pair Corr
0.82	UPRO	ProShares UltraPro SP500	Pair Corr
0.93	TECL	Direxion Daily Technology	Pair Corr
0.86	LABU	Direxion Daily SP	Pair Corr
0.89	USD	ProShares Ultra Semi	Pair Corr
0.91	BULZ	MicroSectors Solactive	Pair Corr
0.88	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.71	FNGO	MicroSectors FANG Index	Pair Corr
0.82	GDXU	MicroSectors Gold Miners	Pair Corr
0.82	JNUG	Direxion Daily Junior	Pair Corr
0.81	NUGT	Direxion Daily Gold	Pair Corr
0.73	FNGG	Direxion Daily Select	Pair Corr
0.81	GDMN	WisdomTree Efficient Gold	Pair Corr
0.77	IBM	International Business Earnings Call This Week	Pair Corr
0.84	INTC	Intel	Pair Corr
0.76	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.84	CAT	Caterpillar	Pair Corr
0.68	JNJ	Johnson Johnson	Pair Corr

Moving against Direxion Etf

0.63	DIS	Walt Disney	Pair Corr
0.58	KO	Coca Cola Earnings Call This Week	Pair Corr
0.57	PG	Procter Gamble Earnings Call This Week	Pair Corr
0.54	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.11	0.04	-0.15	0.64	-0.47	-0.4	-0.16	-0.45	-0.24	META
MSFT	0.11		-0.2	-0.22	-0.48	0.01	-0.33	-0.02	-0.12	-0.27	MSFT
UBER	0.04	-0.2		0.77	0.18	0.48	-0.42	0.67	0.33	0.57	UBER
F	-0.15	-0.22	0.77		0.04	0.7	-0.43	0.58	0.53	0.55	F
T	0.64	-0.48	0.18	0.04		-0.45	-0.01	-0.05	-0.27	0.02	T
A	-0.47	0.01	0.48	0.7	-0.45		-0.32	0.56	0.64	0.54	A
CRM	-0.4	-0.33	-0.42	-0.43	-0.01	-0.32		-0.23	-0.08	-0.04	CRM
JPM	-0.16	-0.02	0.67	0.58	-0.05	0.56	-0.23		0.21	0.84	JPM
MRK	-0.45	-0.12	0.33	0.53	-0.27	0.64	-0.08	0.21		0.27	MRK
XOM	-0.24	-0.27	0.57	0.55	0.02	0.54	-0.04	0.84	0.27		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

XOM	+ 0.84	JPM
F	+ 0.77	UBER
A	+ 0.7	F
JPM	+ 0.67	UBER
T	+ 0.64	META
MRK	+ 0.64	A

High negative correlations

T	- 0.48	MSFT
A	- 0.47	META
A	- 0.45	T
MRK	- 0.45	META
CRM	- 0.43	F
CRM	- 0.42	UBER

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	1.30	0.05	(0.02)	(0.03)	1.48	(1.48)	2.18	(2.32)	15.10
MSFT	0.75	(0.02)	(0.05)	0.01	0.97	(0.74)	1.86	(1.64)	6.50
UBER	1.42	0.03	(0.01)	(0.64)	1.92	(1.39)	3.62	(3.30)	8.86
F	1.13	0.11	0.03	(1.40)	1.52	(1.23)	2.98	(1.83)	9.82
T	0.84	(0.02)	0.00	0.66	0.00	0.00	1.82	(2.30)	6.47
A	1.41	0.39	0.23	(1.65)	1.03	(1.64)	3.82	(2.15)	10.46
CRM	1.48	(0.09)	0.00	0.36	0.00	0.00	2.76	(3.33)	8.74
JPM	0.81	(0.01)	(0.01)	0.04	1.13	(0.80)	1.69	(1.91)	4.93
MRK	1.27	0.04	0.02	0.09	1.31	(1.44)	2.91	(2.36)	9.11
XOM	0.92	(0.01)	(0.02)	0.03	1.38	(0.83)	1.72	(2.42)	4.70

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