ProShares Short Correlations

MYY Etf  USD 18.52  0.12  0.65%   
The current 90-days correlation between ProShares Short MidCap400 and ProShares Short SmallCap600 is 0.96 (i.e., Almost no diversification). The correlation of ProShares Short 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 Short Correlation With Market

Pay attention - limited upside

The correlation between ProShares Short MidCap400 and DJI is -0.87 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Short MidCap400 and DJI in the same portfolio, assuming nothing else is changed.
Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in ProShares Short 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 manufacturing.

Moving together with ProShares Etf

  0.98SH ProShares Short SP500 Sell-off TrendPairCorr
  0.95PSQ ProShares Short QQQPairCorr
  0.95SPXU ProShares UltraPro ShortPairCorr
  0.98SDS ProShares UltraShortPairCorr
  0.98SPXS Direxion Daily SPPairCorr
  0.98QID ProShares UltraShort QQQPairCorr
  0.99RWM ProShares Short RussPairCorr
  0.98SPDN Direxion Daily SP Sell-off TrendPairCorr
  0.97TAIL Cambria Tail RiskPairCorr
  0.98DOG ProShares Short Dow30PairCorr

Moving against ProShares Etf

  0.97SPXL Direxion Daily SP500PairCorr
  0.96ROM ProShares Ultra TechPairCorr
  0.95TECL Direxion Daily TechnologyPairCorr
  0.94QLD ProShares Ultra QQQPairCorr
  0.94SMH VanEck Semiconductor ETFPairCorr
  0.94SOXX iShares Semiconductor ETFPairCorr
  0.94UPRO ProShares UltraPro SP500PairCorr
  0.9GBTC Grayscale Bitcoin TrustPairCorr
  0.89USD ProShares Ultra SemiPairCorr
  0.86KGRN KraneShares MSCI ChinaPairCorr
  0.6EUSB iShares TrustPairCorr
  0.97AXP American ExpressPairCorr
  0.96BAC Bank of AmericaPairCorr
  0.95MSFT Microsoft Aggressive PushPairCorr
  0.94MMM 3M CompanyPairCorr
  0.94DIS Walt DisneyPairCorr
  0.93BA Boeing Earnings Call This WeekPairCorr
  0.93AA Alcoa CorpPairCorr
  0.93CSCO Cisco SystemsPairCorr
  0.91DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.8PFE Pfizer IncPairCorr
  0.79INTC Intel Earnings Call This WeekPairCorr
  0.76CVX Chevron CorpPairCorr
  0.67HD Home DepotPairCorr
  0.52XOM Exxon Mobil CorpPairCorr
  0.45T ATT Inc Earnings Call TomorrowPairCorr
  0.31HPQ HP IncPairCorr

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   
MSFTMETA
JPMMSFT
JPMMETA
AMETA
JPMF
FUBER
  
High negative correlations   
MRKCRM
XOMCRM

ProShares Short Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Short 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 Short'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.50  0.30  0.24  0.36  1.02 
 3.99 
 10.48 
MSFT  0.89  0.31  0.27  0.48  0.52 
 2.33 
 8.85 
UBER  1.63  0.19  0.12  0.32  1.40 
 4.19 
 10.87 
F  1.29  0.20  0.10  0.41  1.39 
 2.69 
 7.46 
T  1.03 (0.05)(0.09) 0.02  1.34 
 2.35 
 5.71 
A  1.46  0.18  0.00 (0.42) 1.81 
 2.54 
 14.01 
CRM  1.33 (0.14)(0.05) 0.04  1.71 
 2.95 
 9.31 
JPM  0.90  0.35  0.18 (2.74) 0.67 
 2.25 
 6.03 
MRK  1.38 (0.09)(0.05) 0.04  1.96 
 2.88 
 10.58 
XOM  1.13  0.06 (0.03) 0.46  1.38 
 2.40 
 6.28