ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Telecommunications
LTL Etf  USD 94.81  0.85  0.89%   
The current 90-days correlation between ProShares Ultra Tele and ProShares Ultra Consumer is 0.31 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Telecommunications moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Telecommunicat and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Telecommunicat and DJI in the same portfolio, assuming nothing else is changed.
  
Build AI portfolio with ProShares Etf
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Telecommunications. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with ProShares Etf

  0.99SSO ProShares Ultra SP500PairCorr
  0.98SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.83NRGU Bank of MontrealPairCorr
  0.98UPRO ProShares UltraPro SP500PairCorr
  0.98TECL Direxion Daily TechnologyPairCorr
  0.64LABU Direxion Daily SPPairCorr
  0.87GUSH Direxion Daily SPPairCorr
  0.94UYG ProShares Ultra FinaPairCorr
  0.99VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.99SPY SPDR SP 500 Sell-off TrendPairCorr
  0.99IVV iShares Core SP Sell-off TrendPairCorr
  0.63BND Vanguard Total BondPairCorr
  0.98VTV Vanguard Value IndexPairCorr
  0.99VUG Vanguard Growth IndexPairCorr
  0.98VO Vanguard Mid CapPairCorr
  0.97VEA Vanguard FTSE DevelopedPairCorr
  0.97VB Vanguard Small CapPairCorr
  0.98VWO Vanguard FTSE Emerging Sell-off TrendPairCorr
  0.94IBM International Business Earnings Call This WeekPairCorr
  0.89MMM 3M CompanyPairCorr
  0.98BAC Bank of AmericaPairCorr
  0.95GE GE Aerospace Earnings Call This WeekPairCorr
  0.9AA Alcoa CorpPairCorr
  0.86PFE Pfizer IncPairCorr
  0.96CAT CaterpillarPairCorr
  0.96DIS Walt DisneyPairCorr
  0.98MSFT MicrosoftPairCorr
  0.97JPM JPMorgan ChasePairCorr
  0.97AXP American ExpressPairCorr

Moving against ProShares Etf

  0.62FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.69MCD McDonaldsPairCorr
  0.54KO Coca Cola Earnings Call This WeekPairCorr
  0.48PG Procter GamblePairCorr
  0.33VZ Verizon Communications Earnings Call This WeekPairCorr

Related Correlations Analysis

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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   
UXI
+ 0.97
UCC
SAA
+ 0.97
UXI
SAA
+ 0.95
UCC
UXI
+ 0.9
UPW
UPW
+ 0.89
UCC
SAA
+ 0.86
UPW
  
High negative correlations   
SAA
- 0.18
UGE
UXI
- 0.14
UGE
UCC
- 0.11
UGE

ProShares Ultra Constituents Risk-Adjusted Indicators

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

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