ProShares Short Correlations

MYY Etf  USD 18.15  0.16  0.87%   
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

Modest diversification

The correlation between ProShares Short MidCap400 and DJI is 0.21 (i.e., Modest diversification) 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

  0.97SH ProShares Short SP500PairCorr
  0.95PSQ ProShares Short QQQ Sell-off TrendPairCorr
  0.96SPXU ProShares UltraPro ShortPairCorr
  0.96SDS ProShares UltraShortPairCorr
  0.96SPXS Direxion Daily SPPairCorr
  0.95QID ProShares UltraShort QQQPairCorr
  0.98RWM ProShares Short RussPairCorr
  0.97SPDN Direxion Daily SPPairCorr
  0.94TAIL Cambria Tail RiskPairCorr
  0.98DOG ProShares Short Dow30PairCorr

Moving against ProShares Etf

  0.94ITDD iShares TrustPairCorr
  0.79PFFL ETRACS 2xMonthly PayPairCorr
  0.66AXP American ExpressPairCorr
  0.53PMBS PIMCO Mortgage BackedPairCorr
  0.72AA Alcoa CorpPairCorr
  0.72CAT CaterpillarPairCorr
  0.68BAC Bank of AmericaPairCorr
  0.68CVX Chevron Corp Earnings Call This WeekPairCorr
  0.67DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.6IBM International BusinessPairCorr
  0.6MSFT Microsoft Earnings Call This WeekPairCorr
  0.52XOM Exxon Mobil Corp Earnings Call This WeekPairCorr
  0.44JNJ Johnson JohnsonPairCorr
  0.38HD Home DepotPairCorr

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
JPMCRM
CRMT
CRMMSFT
CRMA

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  1.39  0.29  0.29  0.42  0.62 
 3.99 
 10.48 
MSFT  0.79  0.37  0.52  0.73  0.00 
 2.33 
 8.85 
UBER  1.54  0.10  0.08  0.29  1.36 
 4.19 
 10.87 
F  1.28  0.10  0.05  0.31  1.38 
 2.69 
 7.46 
T  0.94  0.04 (0.10) 0.47  1.19 
 2.03 
 5.71 
A  1.48 (0.13) 0.03  0.13  1.73 
 2.82 
 14.01 
CRM  1.20 (0.12)(0.03) 0.11  1.40 
 2.91 
 9.31 
JPM  0.83  0.17  0.16  0.37  0.53 
 2.04 
 5.90 
MRK  1.38 (0.13)(0.03) 0.10  1.85 
 2.90 
 10.58 
XOM  1.05  0.01 (0.11) 0.28  1.42 
 2.14 
 6.26