ProShares Ultra Correlations

MVV Etf

USD 66.36 0.22 0.33%

The current 90-days correlation between ProShares Ultra MidCap400 and ProShares Ultra SmallCap600 is 0.96 (i.e., Almost no diversification). The correlation of ProShares Ultra 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.

ProShares Ultra Correlation With Market

Very poor diversification

The correlation between ProShares Ultra MidCap400 and DJI is 0.87 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra MidCap400 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 MidCap400. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with ProShares Etf

0.86	SSO	ProShares Ultra SP500	Pair Corr
0.86	SPXL	Direxion Daily SP500	Pair Corr
0.84	QLD	ProShares Ultra QQQ	Pair Corr
0.66	NRGU	Bank of Montreal	Pair Corr
0.9	UPRO	ProShares UltraPro SP500	Pair Corr
0.87	TECL	Direxion Daily Technology Downward Rally	Pair Corr
0.71	LABU	Direxion Daily SP	Pair Corr
0.86	UYG	ProShares Ultra Fina	Pair Corr
0.7	PMBS	PIMCO Mortgage Backed	Pair Corr
0.86	SIXD	AIM ETF Products	Pair Corr
0.84	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.84	CEFD	ETRACS Monthly Pay	Pair Corr
0.86	ITDI	iShares Trust	Pair Corr
0.73	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.7	MMM	3M Company	Pair Corr
0.81	CVX	Chevron Corp	Pair Corr
0.88	JPM	JPMorgan Chase	Pair Corr
0.79	BA	Boeing	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr
0.89	AA	Alcoa Corp	Pair Corr
0.77	MSFT	Microsoft	Pair Corr
0.86	CAT	Caterpillar	Pair Corr
0.62	JNJ	Johnson Johnson	Pair Corr
0.74	AXP	American Express	Pair Corr

Moving against ProShares Etf

0.85	VIXY	ProShares VIX Short	Pair Corr
0.85	VXX	iPath Series B	Pair Corr
0.75	YCL	ProShares Ultra Yen	Pair Corr
0.54	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.56	TRV	The Travelers Companies	Pair Corr
0.46	KO	Coca Cola	Pair Corr

Related Correlations Analysis

	SAA	UWM	DDM	UXI	MZZ
SAA		0.98	0.95	0.82	-0.87	SAA
UWM	0.98		0.97	0.87	-0.88	UWM
DDM	0.95	0.97		0.9	-0.92	DDM
UXI	0.82	0.87	0.9		-0.94	UXI
MZZ	-0.87	-0.88	-0.92	-0.94		MZZ
	SAA	UWM	DDM	UXI	MZZ

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

UWM	+ 0.98	SAA
DDM	+ 0.97	UWM
DDM	+ 0.95	SAA
UXI	+ 0.9	DDM
UXI	+ 0.87	UWM
UXI	+ 0.82	SAA

High negative correlations

MZZ	- 0.94	UXI
MZZ	- 0.92	DDM
MZZ	- 0.88	UWM
MZZ	- 0.87	SAA

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SAA	1.78	(0.04)	0.05	0.07	2.03	(2.09)	3.39	(3.59)	9.43
UWM	1.77	0.01	0.07	0.09	2.01	(1.86)	4.06	(3.71)	8.99
DDM	1.10	0.00	0.06	0.08	1.25	(1.20)	2.32	(2.07)	7.24
UXI	1.15	0.21	0.09	(1.29)	1.05	(1.34)	2.32	(1.96)	6.34
MZZ	1.44	(0.12)	0.00	(1.77)	0.00	0.00	2.79	(2.69)	9.91

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