Direxion Daily Correlations

LABD Etf

USD 39.10 1.34 3.31%

The current 90-days correlation between Direxion Daily SP and Direxion Daily SP is 0.17 (i.e., Average 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

Good diversification

The correlation between Direxion Daily SP and DJI is -0.02 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily SP. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Direxion Etf

0.82	SH	ProShares Short SP500	Pair Corr
0.9	SPXU	ProShares UltraPro Short	Pair Corr
0.82	SDS	ProShares UltraShort Potential Growth	Pair Corr
0.82	SPXS	Direxion Daily SP	Pair Corr
0.76	QID	ProShares UltraShort QQQ	Pair Corr
0.85	RWM	ProShares Short Russ Sell-off Trend	Pair Corr
0.85	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr

Moving against Direxion Etf

0.92	ITDD	iShares Trust	Pair Corr
0.82	QDPL	Pacer Funds Trust	Pair Corr
0.8	MCHI	iShares MSCI China	Pair Corr
0.76	VGSH	Vanguard Short Term	Pair Corr
0.7	ARKK	ARK Innovation ETF Aggressive Push	Pair Corr
0.68	MUU	Direxion Daily MU Upward Rally	Pair Corr
0.67	MAMB	Northern Lights	Pair Corr
0.62	DFSI	Dimensional International	Pair Corr
0.6	ESIX	SPDR SP SmallCap	Pair Corr
0.57	DJAN	First Trust Exchange	Pair Corr
0.57	RIET	Hoya Capital High	Pair Corr
0.56	PEJ	Invesco Dynamic Leisure Potential Growth	Pair Corr
0.56	FEBZ	Listed Funds Trust	Pair Corr
0.54	MMLG	First Trust Exchange	Pair Corr
0.53	JUNZ	TrueShares Structured	Pair Corr
0.48	IEZ	iShares Oil Equipment	Pair Corr
0.48	OCFS	Professionally Managed	Pair Corr
0.45	ITWO	Proshares Russell 2000 Upward Rally	Pair Corr
0.42	REMX	VanEck Rare EarthStr	Pair Corr
0.38	TAIL	Cambria Tail Risk	Pair Corr
0.32	MAGA	Point Bridge GOP	Pair Corr
0.31	BBH	VanEck Biotech ETF	Pair Corr
0.84	MPRO	Northern Lights	Pair Corr
0.82	AMLX	Amylyx Pharmaceuticals	Pair Corr
0.82	PGJ	Invesco Golden Dragon	Pair Corr
0.69	VTV	Vanguard Value Index	Pair Corr
0.68	DIHP	Dimensional International	Pair Corr
0.67	FB	ProShares Trust ProShares	Pair Corr
0.67	IAU	iShares Gold Trust	Pair Corr
0.66	SMCVX	ALPSSmith Credit Opp	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.34	0.26	0.24	0.6	0.2	-0.77	0.29	0.01	-0.11	META
MSFT	0.34		-0.31	-0.31	-0.18	-0.26	-0.46	0.14	-0.29	-0.36	MSFT
UBER	0.26	-0.31		0.79	0.42	0.59	-0.26	0.53	0.2	0.6	UBER
F	0.24	-0.31	0.79		0.46	0.74	-0.39	0.52	0.49	0.63	F
T	0.6	-0.18	0.42	0.46		0.53	-0.49	0.42	0.32	0.2	T
A	0.2	-0.26	0.59	0.74	0.53		-0.24	0.65	0.52	0.62	A
CRM	-0.77	-0.46	-0.26	-0.39	-0.49	-0.24		-0.41	-0.14	0.06	CRM
JPM	0.29	0.14	0.53	0.52	0.42	0.65	-0.41		0.03	0.61	JPM
MRK	0.01	-0.29	0.2	0.49	0.32	0.52	-0.14	0.03		0.16	MRK
XOM	-0.11	-0.36	0.6	0.63	0.2	0.62	0.06	0.61	0.16		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

F	+ 0.79	UBER
A	+ 0.74	F
JPM	+ 0.65	A
XOM	+ 0.63	F
XOM	+ 0.62	A
XOM	+ 0.61	JPM

High negative correlations

CRM	- 0.77	META
CRM	- 0.49	T
CRM	- 0.46	MSFT
JPM	- 0.41	CRM
CRM	- 0.39	F
XOM	- 0.36	MSFT

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	1.20	0.09	(0.04)	(0.01)	1.32	(1.38)	2.12	(2.27)	14.28
MSFT	0.73	0.04	(0.01)	0.20	0.81	(0.78)	1.77	(1.47)	6.50
UBER	1.37	0.04	(0.01)	0.26	1.73	(1.40)	3.26	(2.30)	8.86
F	1.15	0.11	0.10	0.16	1.16	(1.27)	3.36	(1.83)	7.46
T	0.77	(0.07)	0.00	(1.37)	0.00	0.00	1.75	(2.28)	4.41
A	1.54	0.12	0.10	0.13	1.55	(1.66)	3.82	(2.59)	8.31
CRM	1.32	(0.17)	0.00	0.40	0.00	0.00	2.32	(3.30)	8.74
JPM	0.78	0.03	0.03	0.10	1.06	(0.79)	1.69	(1.51)	5.01
MRK	1.35	0.14	0.09	0.20	1.36	(1.44)	3.01	(2.57)	7.78
XOM	0.95	0.05	0.00	0.21	1.33	(0.90)	1.72	(2.42)	6.25

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