Direxion Daily Correlations

LABU Etf

USD 166.47 17.43 11.69%

The current 90-days correlation between Direxion Daily SP and Dan IVES Wedbush is 0.4 (i.e., Very 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

Poor diversification

The correlation between Direxion Daily SP and DJI is 0.72 (i.e., Poor 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

0.62	SSO	ProShares Ultra SP500	Pair Corr
0.65	SMH	VanEck Semiconductor ETF	Pair Corr
0.64	SOXX	iShares Semiconductor ETF	Pair Corr
0.67	PSI	Invesco Dynamic Semi	Pair Corr
0.85	AHYB	American Century ETF	Pair Corr
0.61	RDIV	Invesco SP Ultra	Pair Corr
0.85	OASC	OneAscent Small Cap	Pair Corr
0.78	BINC	BlackRock ETF Trust	Pair Corr
0.75	VBK	Vanguard Small Cap	Pair Corr
0.82	GAPR	First Trust Exchange	Pair Corr
0.78	AA	Alcoa Corp	Pair Corr
0.67	DD	Dupont De Nemours Earnings Call This Week	Pair Corr

Moving against Direxion Etf

0.64	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.53	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.62	HPQ	HP Inc	Pair Corr
0.53	MSFT	Microsoft	Pair Corr

Related Correlations Analysis

	BUFF	UDOW	DPST	RSMC	KIE	SEIM	XLSR	EMCS	XTEN	IVES
BUFF		0.94	0.86	0.85	0.35	0.94	0.79	0.81	-0.27	0.21	BUFF
UDOW	0.94		0.85	0.9	0.33	0.91	0.7	0.79	-0.26	0.23	UDOW
DPST	0.86	0.85		0.75	0.33	0.73	0.53	0.73	-0.35	-0.18	DPST
RSMC	0.85	0.9	0.75		0.1	0.89	0.6	0.78	-0.16	0.35	RSMC
KIE	0.35	0.33	0.33	0.1		0.16	0.44	-0.08	0.01	-0.32	KIE
SEIM	0.94	0.91	0.73	0.89	0.16		0.74	0.85	-0.26	0.47	SEIM
XLSR	0.79	0.7	0.53	0.6	0.44	0.74		0.42	0.01	0.38	XLSR
EMCS	0.81	0.79	0.73	0.78	-0.08	0.85	0.42		-0.26	0.21	EMCS
XTEN	-0.27	-0.26	-0.35	-0.16	0.01	-0.26	0.01	-0.26		-0.09	XTEN
IVES	0.21	0.23	-0.18	0.35	-0.32	0.47	0.38	0.21	-0.09		IVES
	BUFF	UDOW	DPST	RSMC	KIE	SEIM	XLSR	EMCS	XTEN	IVES

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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

UDOW	+ 0.94	BUFF
SEIM	+ 0.94	BUFF
SEIM	+ 0.91	UDOW
RSMC	+ 0.9	UDOW
SEIM	+ 0.89	RSMC
DPST	+ 0.86	BUFF

High negative correlations

XTEN	- 0.35	DPST
IVES	- 0.32	KIE
XTEN	- 0.27	BUFF
XTEN	- 0.26	EMCS
XTEN	- 0.26	SEIM
XTEN	- 0.26	UDOW

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
BUFF	0.23	0.00	(0.17)	0.07	0.24	(0.25)	0.51	(0.48)	1.39
UDOW	1.91	(0.01)	0.07	0.08	2.14	(2.04)	3.78	(3.55)	9.47
DPST	3.04	0.69	0.24	0.31	2.98	(3.65)	8.58	(3.57)	23.70
RSMC	0.82	(0.03)	(0.01)	0.06	0.95	(0.85)	2.27	(1.49)	4.14
KIE	0.66	0.07	(0.01)	0.78	0.66	(0.76)	1.60	(1.08)	4.52
SEIM	0.91	(0.03)	(0.03)	0.05	1.16	(0.94)	1.87	(2.00)	5.39
XLSR	0.59	(0.05)	(0.08)	0.01	0.80	(0.56)	1.21	(1.46)	4.16
EMCS	0.82	0.08	0.06	0.19	0.87	(0.90)	1.93	(1.90)	5.25
XTEN	0.25	(0.01)	(0.25)	(0.09)	0.33	(0.25)	0.43	(0.46)	1.38
IVES	1.36	(0.28)	0.00	(0.16)	0.00	0.00	2.65	(3.33)	8.88

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