ProShares Hedge Correlations

HDG Etf  USD 49.81  0.08  0.16%   
The current 90-days correlation between ProShares Hedge Repl and ProShares Merger ETF is 0.42 (i.e., Very weak diversification). The correlation of ProShares Hedge 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.

ProShares Hedge Correlation With Market

Very poor diversification

The correlation between ProShares Hedge Replication and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Hedge Replication and DJI in the same portfolio, assuming nothing else is changed.
Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ProShares Hedge Replication. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with ProShares Etf

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  0.94VFVA Vanguard Value FactorPairCorr
  0.86SPIB SPDR Barclays IntermPairCorr
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  0.9IBIB iShares TrustPairCorr
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  0.96EFAA Invesco Actively ManagedPairCorr
  0.98SRLN SPDR Blackstone Senior Sell-off TrendPairCorr
  0.87KGRN KraneShares MSCI ChinaPairCorr
  0.91FXED Tidal ETF TrustPairCorr
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  0.91ENOR iShares MSCI NorwayPairCorr

Related Correlations Analysis

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ProShares Hedge Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Hedge 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 Hedge'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.