ProShares UltraShort Correlations

MZZ Etf

USD 9.87 0.13 1.30%

The current 90-days correlation between ProShares UltraShort and MicroSectors FANG Index is -0.5 (i.e., Very good diversification). The correlation of ProShares UltraShort 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 UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort MidCap400 and DJI is -0.91 (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 UltraShort 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 UltraShort 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 nation.

Moving together with ProShares Etf

0.93	SH	ProShares Short SP500	Pair Corr
0.74	PSQ	ProShares Short QQQ	Pair Corr
0.92	SPXU	ProShares UltraPro Short	Pair Corr
0.92	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.92	SPXS	Direxion Daily SP Aggressive Push	Pair Corr
0.75	QID	ProShares UltraShort QQQ	Pair Corr
0.99	RWM	ProShares Short Russ	Pair Corr
0.93	SPDN	Direxion Daily SP	Pair Corr
0.76	TAIL	Cambria Tail Risk	Pair Corr
0.97	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.83	MLPR	ETRACS Quarterly Pay	Pair Corr
0.73	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.59	SGG	Barclays Capital	Pair Corr
0.31	TBT	ProShares UltraShort	Pair Corr
0.89	IPAY	Amplify ETF Trust	Pair Corr
0.89	ENFR	Alerian Energy Infra	Pair Corr
0.88	IYZ	IShares Telecommunicatio	Pair Corr
0.85	CGUS	Capital Group Core	Pair Corr
0.84	SCHB	Schwab Broad Market	Pair Corr
0.83	SNPE	Xtrackers SP 500	Pair Corr
0.68	JBBB	Janus Detroit Street	Pair Corr
0.68	SOFR	SOFR Symbol Change	Pair Corr
0.67	AAA	Listed Funds Trust	Pair Corr
0.64	PGRO	Putnam Focused Large	Pair Corr
0.61	BULZ	MicroSectors Solactive	Pair Corr
0.6	FEDL	UBS AG London	Pair Corr
0.55	IDAT	Ishares Trust	Pair Corr
0.51	AMZU	Direxion Daily AMZN	Pair Corr
0.44	PDBA	Invesco Agriculture	Pair Corr
0.42	YCS	ProShares UltraShort Yen	Pair Corr
0.31	TUR	iShares MSCI Turkey	Pair Corr
0.89	SHYL	Xtrackers Short Duration	Pair Corr
0.84	CPAI	Northern Lights	Pair Corr
0.8	IBLC	iShares Blockchain and	Pair Corr
0.8	DAT	ProShares Big Data	Pair Corr
0.78	ETHE	Grayscale Ethereum Trust	Pair Corr
0.78	JEPQ	JPMorgan Nasdaq Equity	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.69	-0.51	-0.41	0.48	0.27	0.58	0.3	-0.22	-0.44	META
MSFT	0.69		-0.6	-0.31	0.44	0.09	0.49	0.28	-0.08	-0.76	MSFT
UBER	-0.51	-0.6		0.39	-0.7	0.17	-0.75	-0.52	0.56	0.67	UBER
F	-0.41	-0.31	0.39		0.05	-0.28	0.01	0.34	-0.11	0.61	F
T	0.48	0.44	-0.7	0.05		-0.32	0.88	0.85	-0.72	-0.35	T
A	0.27	0.09	0.17	-0.28	-0.32		-0.32	-0.51	0.67	0.03	A
CRM	0.58	0.49	-0.75	0.01	0.88	-0.32		0.89	-0.8	-0.38	CRM
JPM	0.3	0.28	-0.52	0.34	0.85	-0.51	0.89		-0.84	-0.16	JPM
MRK	-0.22	-0.08	0.56	-0.11	-0.72	0.67	-0.8	-0.84		0.15	MRK
XOM	-0.44	-0.76	0.67	0.61	-0.35	0.03	-0.38	-0.16	0.15		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	+ 0.89	CRM
CRM	+ 0.88	T
JPM	+ 0.85	T
MSFT	+ 0.69	META
XOM	+ 0.67	UBER
MRK	+ 0.67	A

High negative correlations

MRK	- 0.84	JPM
MRK	- 0.8	CRM
XOM	- 0.76	MSFT
CRM	- 0.75	UBER
MRK	- 0.72	T
T	- 0.7	UBER

ProShares UltraShort Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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	1.16	0.06	0.03	0.15	1.43	(1.27)	2.62	(3.15)	7.43
MSFT	0.87	(0.02)	(0.02)	(0.01)	1.63	(0.78)	1.78	(2.23)	8.14
UBER	1.71	(0.32)	0.00	(0.34)	0.00	0.00	2.67	(5.35)	20.41
F	1.44	(0.15)	0.00	(0.08)	0.00	0.00	2.53	(2.90)	11.21
T	0.96	0.11	0.08	0.52	1.12	(1.02)	1.93	(1.99)	7.95
A	1.24	(0.09)	0.00	(0.16)	0.00	0.00	2.71	(2.42)	9.02
CRM	1.48	0.37	0.23	0.30	1.30	(1.66)	3.18	(2.88)	14.80
JPM	1.04	0.16	0.14	0.11	1.08	(1.20)	1.99	(1.44)	15.87
MRK	0.96	(0.27)	0.00	(1.10)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.90	(0.14)	0.00	(0.43)	0.00	0.00	1.83	(2.14)	6.06

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