Correlation Between Main International and ProShares Short
Can any of the company-specific risk be diversified away by investing in both Main International and ProShares Short 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 Main International and ProShares Short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Main International ETF and ProShares Short SP500, you can compare the effects of market volatilities on Main International and ProShares Short 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 Main International with a short position of ProShares Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of Main International and ProShares Short.
Diversification Opportunities for Main International and ProShares Short
-0.93 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Main and ProShares is -0.93. Overlapping area represents the amount of risk that can be diversified away by holding Main International ETF and ProShares Short SP500 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ProShares Short SP500 and Main International 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 Main International ETF are associated (or correlated) with ProShares Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Short SP500 has no effect on the direction of Main International i.e., Main International and ProShares Short go up and down completely randomly.
Pair Corralation between Main International and ProShares Short
Given the investment horizon of 90 days Main International ETF is expected to generate 0.97 times more return on investment than ProShares Short. However, Main International ETF is 1.03 times less risky than ProShares Short. It trades about 0.1 of its potential returns per unit of risk. ProShares Short SP500 is currently generating about -0.06 per unit of risk. If you would invest 2,664 in Main International ETF on August 27, 2025 and sell it today you would earn a total of 121.00 from holding Main International ETF or generate 4.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Main International ETF vs. ProShares Short SP500
Performance |
| Timeline |
| Main International ETF |
| ProShares Short SP500 |
Main International and ProShares Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Main International and ProShares Short
The main advantage of trading using opposite Main International and ProShares Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Main International position performs unexpectedly, ProShares Short 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 ProShares Short will offset losses from the drop in ProShares Short's long position.| Main International vs. FT Vest Equity | Main International vs. Northern Lights | Main International vs. Diamond Hill Funds | Main International vs. Dimensional International High |
| ProShares Short vs. FT Vest Equity | ProShares Short vs. Northern Lights | ProShares Short vs. Diamond Hill Funds | ProShares Short vs. Dimensional International High |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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