ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra QQQ
QLD Etf  USD 121.37  0.31  0.25%   
The current 90-days correlation between ProShares Ultra QQQ and ProShares Ultra SP500 is 0.97 (i.e., Almost no diversification). The correlation of ProShares Ultra 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 Ultra Correlation With Market

Very poor diversification

The correlation between ProShares Ultra QQQ and DJI is 0.83 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra 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 Ultra 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 bureau of economic analysis.

Moving together with ProShares Etf

  1.0SSO ProShares Ultra SP500PairCorr
  1.0SPXL Direxion Daily SP500PairCorr
  0.85NRGU Bank of MontrealPairCorr
  1.0UPRO ProShares UltraPro SP500PairCorr
  0.99TECL Direxion Daily TechnologyPairCorr
  0.65LABU Direxion Daily SPPairCorr
  0.89GUSH Direxion Daily SPPairCorr
  0.94UYG ProShares Ultra FinaPairCorr
  1.0VTI Vanguard Total Stock Sell-off TrendPairCorr
  1.0SPY SPDR SP 500 Sell-off TrendPairCorr
  1.0IVV iShares Core SP Sell-off TrendPairCorr
  0.98VTV Vanguard Value IndexPairCorr
  1.0VUG Vanguard Growth IndexPairCorr
  0.99VO Vanguard Mid CapPairCorr
  0.97VEA Vanguard FTSE DevelopedPairCorr
  0.98VB Vanguard Small CapPairCorr
  0.98VWO Vanguard FTSE Emerging Sell-off TrendPairCorr
  0.93IBM International Business Earnings Call This WeekPairCorr
  0.92MMM 3M CompanyPairCorr
  0.98BAC Bank of AmericaPairCorr
  0.96GE GE Aerospace Earnings Call This WeekPairCorr
  0.92AA Alcoa CorpPairCorr
  0.85PFE Pfizer IncPairCorr
  0.98CAT CaterpillarPairCorr
  0.97DIS Walt DisneyPairCorr
  0.98MSFT MicrosoftPairCorr
  0.97JPM JPMorgan ChasePairCorr
  0.97AXP American ExpressPairCorr

Moving against ProShares Etf

  0.61FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.67MCD McDonaldsPairCorr
  0.58KO Coca Cola Earnings Call This WeekPairCorr
  0.48PG Procter GamblePairCorr
  0.38VZ Verizon Communications Earnings Call This WeekPairCorr

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   
UWM
+ 0.99
SSO
DDM
+ 0.96
SSO
UYG
+ 0.96
DDM
UYG
+ 0.95
SSO
UWM
+ 0.95
DDM
UYG
+ 0.93
UWM
  
High negative correlations   
QID
- 0.98
SSO
UWM
- 0.96
QID
UYG
- 0.94
QID
DDM
- 0.92
QID

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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.

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