Correlation Between ProShares Online and Global X
Can any of the company-specific risk be diversified away by investing in both ProShares Online and Global X 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 Online and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares Online Retail and Global X Telemedicine, you can compare the effects of market volatilities on ProShares Online and Global X 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 Online with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Online and Global X.
Diversification Opportunities for ProShares Online and Global X
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ProShares and Global is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Online Retail and Global X Telemedicine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Telemedicine and ProShares Online 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 Online Retail are associated (or correlated) with Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Telemedicine has no effect on the direction of ProShares Online i.e., ProShares Online and Global X go up and down completely randomly.
Pair Corralation between ProShares Online and Global X
If you would invest 945.00 in Global X Telemedicine on October 5, 2025 and sell it today you would earn a total of 0.00 from holding Global X Telemedicine or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 1.61% |
| Values | Daily Returns |
ProShares Online Retail vs. Global X Telemedicine
Performance |
| Timeline |
| ProShares Online Retail |
| Global X Telemedicine |
Risk-Adjusted Performance
Weakest
Weak | Strong |
ProShares Online and Global X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ProShares Online and Global X
The main advantage of trading using opposite ProShares Online and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Online position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.| ProShares Online vs. KraneShares Electric Vehicles | ProShares Online vs. ALPS Electrification Infrastructure | ProShares Online vs. Amplify Lithium Battery | ProShares Online vs. Pacer Funds Trust |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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