ProShares Trust Correlations

BITU Etf   61.70  0.14  0.23%   
The current 90-days correlation between ProShares Trust and Grayscale Funds Trust is -0.14 (i.e., Good diversification). The correlation of ProShares Trust 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.

ProShares Trust Correlation With Market

Average diversification

The correlation between ProShares Trust and DJI is 0.16 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Trust and DJI in the same portfolio, assuming nothing else is changed.
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ProShares Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.
For more information on how to buy ProShares Etf please use our How to Invest in ProShares Trust guide.

Moving together with ProShares Etf

  1.0GBTC Grayscale Bitcoin TrustPairCorr
  1.0BITO ProShares BitcoinPairCorr
  0.9BLOK Amplify TransformationalPairCorr
  0.9BLCN Siren Nasdaq NexGenPairCorr
  0.86LEGR First Trust IndxxPairCorr
  0.92BITQ Bitwise Crypto IndustryPairCorr
  0.9SPBC Simplify Equity PLUSPairCorr
  1.0BTC Grayscale Bitcoin MiniPairCorr
  0.9DAPP VanEck Digital TransPairCorr
  0.91CRPT First Trust SkyBridgePairCorr
  0.88DFEN Direxion Daily AerospacePairCorr
  0.83MSTY YieldMax MSTR OptionPairCorr
  0.83AA Alcoa CorpPairCorr
  0.81BAC Bank of America Aggressive PushPairCorr
  0.79AXP American ExpressPairCorr
  0.83JPM JPMorgan ChasePairCorr
  0.71PFE Pfizer IncPairCorr
  0.82CSCO Cisco SystemsPairCorr
  0.88DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.72CVX Chevron CorpPairCorr
  0.93BA Boeing Earnings Call This WeekPairCorr

Moving against ProShares Etf

  0.76WTID UBS ETRACSPairCorr
  0.54ARKC ARK 21Shares Active Low VolatilityPairCorr
  0.42PG Procter Gamble Earnings Call This WeekPairCorr
  0.38SHNY Microsectors GoldPairCorr
  0.44MCD McDonaldsPairCorr

Related Correlations Analysis

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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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

ProShares Trust Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Trust 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 ProShares Trust'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.47  0.27  0.25  0.41  0.82 
 3.99 
 10.48 
MSFT  0.84  0.33  0.36  0.63  0.00 
 2.33 
 8.85 
UBER  1.60  0.05  0.05  0.25  1.44 
 4.19 
 10.87 
F  1.29  0.10  0.04  0.33  1.40 
 2.69 
 7.46 
T  1.00 (0.02)(0.12) 0.14  1.30 
 2.35 
 5.71 
A  1.53 (0.10) 0.02  0.14  1.77 
 2.82 
 14.01 
CRM  1.30 (0.17)(0.04) 0.09  1.64 
 2.95 
 9.31 
JPM  0.88  0.19  0.16  0.40  0.54 
 2.25 
 6.03 
MRK  1.40 (0.08)(0.04) 0.13  1.82 
 2.90 
 10.58 
XOM  1.10 (0.01)(0.10) 0.16  1.39 
 2.18 
 6.28