ProShares Short Correlations

MYY Etf

USD 18.41 0.04 0.22%

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 -0.79 (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.

Build AI portfolio with ProShares Etf

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 commodities.

Moving together with ProShares Etf

0.86	SH	ProShares Short SP500	Pair Corr
0.83	PSQ	ProShares Short QQQ	Pair Corr
0.73	SPXU	ProShares UltraPro Short Aggressive Push	Pair Corr
0.73	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.74	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.82	QID	ProShares UltraShort QQQ	Pair Corr
0.9	RWM	ProShares Short Russ	Pair Corr
0.86	SPDN	Direxion Daily SP	Pair Corr
0.86	TAIL	Cambria Tail Risk	Pair Corr
0.92	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.83	AA	Alcoa Corp	Pair Corr
0.76	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.69	ITWO	Proshares Russell 2000	Pair Corr
0.57	INTC	Intel Upward Rally	Pair Corr
0.51	PMBS	PIMCO Mortgage Backed	Pair Corr
0.43	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.38	AMPD	Tidal ETF Services	Pair Corr
0.74	BAC	Bank of America Aggressive Push	Pair Corr
0.7	MMM	3M Company	Pair Corr
0.68	BA	Boeing	Pair Corr
0.64	CVX	Chevron Corp	Pair Corr
0.61	CSCO	Cisco Systems	Pair Corr
0.59	MSFT	Microsoft	Pair Corr
0.54	MRK	Merck Company Aggressive Push	Pair Corr
0.54	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.5	DIS	Walt Disney Sell-off Trend	Pair Corr
0.49	GE	GE Aerospace	Pair Corr
0.47	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.91	0.29	0.64	0.58	0.5	-0.79	0.77	0.61	0.3	META
MSFT	0.91		0.38	0.71	0.39	0.45	-0.71	0.92	0.73	0.41	MSFT
UBER	0.29	0.38		0.79	0.24	0.44	0.0	0.52	0.46	0.38	UBER
F	0.64	0.71	0.79		0.42	0.62	-0.38	0.79	0.73	0.56	F
T	0.58	0.39	0.24	0.42		0.6	-0.42	0.36	0.47	0.14	T
A	0.5	0.45	0.44	0.62	0.6		-0.17	0.56	0.68	0.66	A
CRM	-0.79	-0.71	0.0	-0.38	-0.42	-0.17		-0.48	-0.46	-0.06	CRM
JPM	0.77	0.92	0.52	0.79	0.36	0.56	-0.48		0.77	0.51	JPM
MRK	0.61	0.73	0.46	0.73	0.47	0.68	-0.46	0.77		0.66	MRK
XOM	0.3	0.41	0.38	0.56	0.14	0.66	-0.06	0.51	0.66		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.92	MSFT
MSFT	+ 0.91	META
F	+ 0.79	UBER
JPM	+ 0.79	F
JPM	+ 0.77	META
MRK	+ 0.77	JPM

High negative correlations

CRM	- 0.79	META
CRM	- 0.71	MSFT
JPM	- 0.48	CRM
MRK	- 0.46	CRM
CRM	- 0.42	T
CRM	- 0.38	F

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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.35	0.18	0.12	0.31	1.12	(1.63)	3.16	(2.27)	14.28
MSFT	0.72	0.13	0.11	0.35	0.62	(0.81)	1.80	(1.42)	5.71
UBER	1.35	0.04	(0.01)	0.24	1.65	(1.47)	2.44	(3.36)	11.37
F	1.25	0.04	0.03	0.12	1.51	(1.25)	2.13	(2.36)	7.46
T	0.80	0.11	0.06	0.31	0.80	(0.86)	2.03	(1.43)	5.71
A	1.34	(0.02)	0.01	0.07	1.73	(1.34)	2.80	(2.60)	9.19
CRM	1.26	(0.36)	0.00	(0.19)	0.00	0.00	2.32	(3.26)	6.27
JPM	0.82	0.05	0.04	0.13	0.94	(0.86)	1.78	(1.51)	5.19
MRK	1.16	0.21	0.08	1.59	1.36	(1.14)	2.90	(1.91)	7.79
XOM	1.01	(0.01)	(0.06)	(0.05)	1.34	(0.99)	2.14	(2.07)	6.25

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