Direxion Daily Correlations

FNGG Etf

USD 215.60 6.59 3.15%

The current 90-days correlation between Direxion Daily Select and iShares Dividend and is 0.84 (i.e., Very poor 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.

Direxion Daily Correlation With Market

Very poor diversification

The correlation between Direxion Daily Select and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Select and DJI in the same portfolio, assuming nothing else is changed.

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

Moving together with Direxion Etf

0.98	SSO	ProShares Ultra SP500	Pair Corr
0.97	SPXL	Direxion Daily SP500	Pair Corr
0.99	QLD	ProShares Ultra QQQ	Pair Corr
0.97	UPRO	ProShares UltraPro SP500	Pair Corr
0.98	TECL	Direxion Daily Technology	Pair Corr
0.61	LABU	Direxion Daily SP	Pair Corr
0.66	GUSH	Direxion Daily SP	Pair Corr
0.89	UYG	ProShares Ultra Fina	Pair Corr
0.66	AMPD	Tidal ETF Services	Pair Corr
0.98	ITDD	iShares Trust	Pair Corr
0.72	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.68	TRV	The Travelers Companies	Pair Corr
0.98	MSFT	Microsoft	Pair Corr
0.97	BAC	Bank of America Aggressive Push	Pair Corr
0.85	MMM	3M Company	Pair Corr
0.97	GE	GE Aerospace	Pair Corr
0.62	HD	Home Depot Sell-off Trend	Pair Corr
0.97	JPM	JPMorgan Chase	Pair Corr
0.93	IBM	International Business	Pair Corr
0.96	DIS	Walt Disney	Pair Corr
0.95	CSCO	Cisco Systems	Pair Corr
0.94	BA	Boeing Aggressive Push	Pair Corr

Moving against Direxion Etf

0.52	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.45	MCD	McDonalds Sell-off Trend	Pair Corr

Related Correlations Analysis

	DIVB	MCSE	GK	METV	DMAT	DMCY	DMXF	MILN	MINV
DIVB		0.91	0.94	0.95	0.94	0.93	0.91	0.96	0.97	DIVB
MCSE	0.91		0.94	0.93	0.88	0.98	0.98	0.96	0.94	MCSE
GK	0.94	0.94		0.99	0.94	0.97	0.96	0.98	0.97	GK
METV	0.95	0.93	0.99		0.94	0.96	0.95	0.98	0.97	METV
DMAT	0.94	0.88	0.94	0.94		0.93	0.91	0.92	0.95	DMAT
DMCY	0.93	0.98	0.97	0.96	0.93		1.0	0.97	0.97	DMCY
DMXF	0.91	0.98	0.96	0.95	0.91	1.0		0.97	0.95	DMXF
MILN	0.96	0.96	0.98	0.98	0.92	0.97	0.97		0.97	MILN
MINV	0.97	0.94	0.97	0.97	0.95	0.97	0.95	0.97		MINV
	DIVB	MCSE	GK	METV	DMAT	DMCY	DMXF	MILN	MINV

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Direxion Daily Constituents 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
DIVB	0.94	0.01	0.00	0.11	1.64	(0.92)	1.69	(1.88)	9.77
MCSE	1.07	0.04	0.02	0.14	1.33	(1.18)	2.16	(2.34)	12.91
GK	1.12	0.20	0.10	0.28	1.76	(1.14)	2.79	(2.39)	14.57
METV	1.48	0.24	0.13	0.29	1.91	(1.69)	3.34	(2.85)	16.08
DMAT	1.48	0.15	0.06	0.23	2.18	(1.48)	2.60	(3.03)	15.59
DMCY	0.83	0.08	0.04	0.21	1.36	(0.81)	1.91	(1.92)	9.26
DMXF	0.90	0.09	0.05	0.21	1.36	(1.01)	1.57	(1.99)	10.81
MILN	1.21	0.10	0.06	0.19	1.83	(1.36)	2.15	(2.03)	13.26
MINV	1.16	0.08	0.04	0.19	1.49	(1.26)	3.05	(2.32)	9.02

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