ProShares UltraShort Correlations

QID Etf

USD 25.40 0.35 1.36%

The current 90-days correlation between ProShares UltraShort QQQ and FT Vest Equity is -0.93 (i.e., Pay attention - limited upside). 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.

ProShares UltraShort Correlation With Market

Significant diversification

The correlation between ProShares UltraShort QQQ and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort QQQ and DJI in the same portfolio, assuming nothing else is changed.

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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort QQQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with ProShares Etf

0.99	SH	ProShares Short SP500	Pair Corr
1.0	PSQ	ProShares Short QQQ	Pair Corr
1.0	SPXU	ProShares UltraPro Short	Pair Corr
0.99	SDS	ProShares UltraShort	Pair Corr
1.0	SPXS	Direxion Daily SP	Pair Corr
0.96	RWM	ProShares Short Russ	Pair Corr
0.99	SPDN	Direxion Daily SP Potential Growth	Pair Corr
0.79	TAIL	Cambria Tail Risk	Pair Corr
0.93	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.98	VUG	Vanguard Growth Index	Pair Corr
0.97	VTI	Vanguard Total Stock	Pair Corr
0.97	SPY	SPDR SP 500	Pair Corr
0.97	IVV	iShares Core SP	Pair Corr
0.97	VO	Vanguard Mid Cap	Pair Corr
0.97	VEA	Vanguard FTSE Developed	Pair Corr
0.95	VB	Vanguard Small Cap	Pair Corr
0.94	PHB	Invesco Fundamental High	Pair Corr
0.93	XB	BondBloxx ETF Trust	Pair Corr
0.89	VTV	Vanguard Value Index	Pair Corr
0.66	ESGS	Columbia Sustainable	Pair Corr
0.96	DHSB	Strategy Shares	Pair Corr
0.96	MSFT	Microsoft	Pair Corr
0.96	BA	Boeing Aggressive Push	Pair Corr
0.96	AXP	American Express	Pair Corr
0.95	EMPB	Efficient Market Por	Pair Corr
0.94	BAC	Bank of America Aggressive Push	Pair Corr
0.9	CSCO	Cisco Systems	Pair Corr
0.88	IBM	International Business	Pair Corr
0.85	MMM	3M Company	Pair Corr
0.68	HD	Home Depot Sell-off Trend	Pair Corr
0.66	AA	Alcoa Corp	Pair Corr
0.6	T	ATT Inc	Pair Corr
0.6	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.43	INTC	Intel	Pair Corr

Related Correlations Analysis

	DHDG	MBCC	DIHP	MCDS	DISV	DIVN	DJAN	MDLV	DJUL
DHDG		0.96	0.98	0.92	0.98	-0.24	0.96	0.75	0.94	DHDG
MBCC	0.96		0.95	0.93	0.95	-0.29	0.99	0.87	0.99	MBCC
DIHP	0.98	0.95		0.91	0.99	-0.26	0.95	0.8	0.93	DIHP
MCDS	0.92	0.93	0.91		0.91	-0.27	0.93	0.77	0.92	MCDS
DISV	0.98	0.95	0.99	0.91		-0.31	0.96	0.8	0.94	DISV
DIVN	-0.24	-0.29	-0.26	-0.27	-0.31		-0.34	-0.27	-0.36	DIVN
DJAN	0.96	0.99	0.95	0.93	0.96	-0.34		0.84	1.0	DJAN
MDLV	0.75	0.87	0.8	0.77	0.8	-0.27	0.84		0.83	MDLV
DJUL	0.94	0.99	0.93	0.92	0.94	-0.36	1.0	0.83		DJUL
	DHDG	MBCC	DIHP	MCDS	DISV	DIVN	DJAN	MDLV	DJUL

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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

DJUL	+ 1.0	DJAN
DJAN	+ 0.99	MBCC
DJUL	+ 0.99	MBCC
DISV	+ 0.99	DIHP
DIHP	+ 0.98	DHDG
DISV	+ 0.98	DHDG

High negative correlations

DJUL	- 0.36	DIVN
DJAN	- 0.34	DIVN
DIVN	- 0.31	DISV
DIVN	- 0.29	MBCC
MDLV	- 0.27	DIVN
DIVN	- 0.27	MCDS

ProShares UltraShort Constituents 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
DHDG	0.32	0.08	(0.03)	(0.88)	0.46	(0.30)	1.03	(0.96)	5.20
MBCC	1.01	0.16	0.03	(1.56)	1.75	(0.99)	2.25	(2.07)	11.66
DIHP	0.79	0.15	0.03	(3.45)	1.23	(0.79)	1.60	(1.52)	8.25
MCDS	1.09	0.03	0.02	0.13	1.69	(1.08)	2.04	(2.35)	11.72
DISV	0.80	0.20	0.05	19.31	1.43	(0.90)	1.72	(1.35)	7.92
DIVN	0.44	0.57	0.00	(103.61)	0.00	0.00	1.67	0.00	0.28
DJAN	0.51	0.09	(0.01)	5.32	0.72	(0.51)	1.06	(1.18)	5.11
MDLV	0.73	0.03	(0.06)	(0.62)	1.36	(0.65)	1.53	(1.58)	6.20
DJUL	0.66	0.13	0.02	(6.01)	0.93	(0.66)	1.28	(1.53)	6.58

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