Correlation Between ProShares Big and Macquarie ETF
Can any of the company-specific risk be diversified away by investing in both ProShares Big and Macquarie ETF at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ProShares Big and Macquarie ETF into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares Big Data and Macquarie ETF Trust, you can compare the effects of market volatilities on ProShares Big and Macquarie ETF and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in ProShares Big with a short position of Macquarie ETF. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Big and Macquarie ETF.
Diversification Opportunities for ProShares Big and Macquarie ETF
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between ProShares and Macquarie is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Big Data and Macquarie ETF Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Macquarie ETF Trust and ProShares Big is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ProShares Big Data are associated (or correlated) with Macquarie ETF. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macquarie ETF Trust has no effect on the direction of ProShares Big i.e., ProShares Big and Macquarie ETF go up and down completely randomly.
Pair Corralation between ProShares Big and Macquarie ETF
Considering the 90-day investment horizon ProShares Big Data is expected to under-perform the Macquarie ETF. In addition to that, ProShares Big is 1.06 times more volatile than Macquarie ETF Trust. It trades about -0.04 of its total potential returns per unit of risk. Macquarie ETF Trust is currently generating about 0.12 per unit of volatility. If you would invest 3,305 in Macquarie ETF Trust on October 7, 2025 and sell it today you would earn a total of 343.00 from holding Macquarie ETF Trust or generate 10.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.41% |
| Values | Daily Returns |
ProShares Big Data vs. Macquarie ETF Trust
Performance |
| Timeline |
| ProShares Big Data |
| Macquarie ETF Trust |
ProShares Big and Macquarie ETF Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ProShares Big and Macquarie ETF
The main advantage of trading using opposite ProShares Big and Macquarie ETF positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Big position performs unexpectedly, Macquarie ETF can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Macquarie ETF will offset losses from the drop in Macquarie ETF's long position.| ProShares Big vs. ProShares Ultra Consumer | ProShares Big vs. PGIM Nasdaq 100 Buffer | ProShares Big vs. ProShares On Demand ETF | ProShares Big vs. ProShares Ultra MSCI |
| Macquarie ETF vs. ProShares Ultra MSCI | Macquarie ETF vs. Global X Funds | Macquarie ETF vs. Harbor ETF Trust | Macquarie ETF vs. JPMorgan Fundamental Data |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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