Direxion Daily Correlations

BOEU Etf

34.00 5.15 13.15%

The current 90-days correlation between Direxion Daily BA and Starboard Investment Trust is 0.37 (i.e., 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

Very weak diversification

The correlation between Direxion Daily BA and DJI is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily BA and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Direxion Daily BA. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Direxion Etf

0.69	DIS	Walt Disney	Pair Corr
0.99	BA	Boeing	Pair Corr

Moving against Direxion Etf

0.77	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.74	BND	Vanguard Total Bond	Pair Corr
0.74	VWO	Vanguard FTSE Emerging	Pair Corr
0.73	IXN	iShares Global Tech	Pair Corr
0.71	SETM	Sprott Energy Transition	Pair Corr
0.7	VUG	Vanguard Growth Index	Pair Corr
0.68	VTI	Vanguard Total Stock	Pair Corr
0.68	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.68	IVV	iShares Core SP	Pair Corr
0.68	NVBU	AllianzIM Equity Buffer15	Pair Corr
0.62	VTV	Vanguard Value Index	Pair Corr
0.62	VEA	Vanguard FTSE Developed	Pair Corr
0.5	VO	Vanguard Mid Cap	Pair Corr
0.48	VB	Vanguard Small Cap	Pair Corr
0.8	GE	GE Aerospace	Pair Corr
0.74	IBM	International Business Tech Boost	Pair Corr
0.7	INTC	Intel Aggressive Push	Pair Corr
0.64	WMT	Walmart	Pair Corr
0.64	JPM	JPMorgan Chase	Pair Corr
0.59	AA	Alcoa Corp Downward Rally	Pair Corr
0.57	AXP	American Express	Pair Corr
0.56	BAC	Bank of America Aggressive Push	Pair Corr
0.51	DD	Dupont De Nemours	Pair Corr
0.5	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.01	-0.19	-0.36	0.6	-0.61	-0.22	-0.29	-0.58	-0.4	META
MSFT	0.01		-0.14	0.26	-0.64	0.26	0.05	0.01	0.09	-0.04	MSFT
UBER	-0.19	-0.14		0.5	-0.02	0.37	-0.19	0.72	0.32	0.61	UBER
F	-0.36	0.26	0.5		-0.52	0.78	0.24	0.43	0.67	0.66	F
T	0.6	-0.64	-0.02	-0.52		-0.74	-0.24	-0.14	-0.52	-0.3	T
A	-0.61	0.26	0.37	0.78	-0.74		0.22	0.45	0.78	0.64	A
CRM	-0.22	0.05	-0.19	0.24	-0.24	0.22		-0.07	0.14	0.32	CRM
JPM	-0.29	0.01	0.72	0.43	-0.14	0.45	-0.07		0.15	0.77	JPM
MRK	-0.58	0.09	0.32	0.67	-0.52	0.78	0.14	0.15		0.37	MRK
XOM	-0.4	-0.04	0.61	0.66	-0.3	0.64	0.32	0.77	0.37		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

A	+ 0.78	F
MRK	+ 0.78	A
XOM	+ 0.77	JPM
JPM	+ 0.72	UBER
MRK	+ 0.67	F
XOM	+ 0.66	F

High negative correlations

A	- 0.74	T
T	- 0.64	MSFT
A	- 0.61	META
MRK	- 0.58	META
MRK	- 0.52	T
T	- 0.52	F

Direxion Daily Competition 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	1.42	(0.13)	0.00	(0.05)	0.00	0.00	2.18	(2.32)	15.10
MSFT	0.82	(0.02)	(0.05)	0.06	1.07	(0.82)	1.98	(1.76)	6.50
UBER	1.41	0.08	0.03	0.20	1.67	(1.49)	3.62	(2.71)	8.86
F	1.34	0.18	0.12	0.22	1.50	(1.58)	3.62	(2.04)	16.35
T	0.98	(0.16)	0.00	(2.15)	0.00	0.00	1.84	(2.32)	6.47
A	1.34	0.17	0.15	0.22	1.10	(1.46)	3.82	(2.15)	10.46
CRM	1.61	(0.13)	0.00	(0.03)	0.00	0.00	3.59	(3.33)	8.74
JPM	0.88	(0.05)	(0.03)	0.05	1.20	(0.83)	1.69	(1.91)	4.80
MRK	1.18	0.03	0.01	0.14	1.23	(1.36)	1.80	(2.36)	9.11
XOM	0.89	0.01	(0.03)	0.11	1.17	(0.83)	1.77	(2.07)	4.70

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