ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Technology
ROM Etf  USD 69.29  0.19  0.27%   
The current 90-days correlation between ProShares Ultra Tech and ProShares Ultra Health is 0.39 (i.e., Weak diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Technology and DJI is 0.63 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Technology and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with ProShares Etf

  0.93SSO ProShares Ultra SP500PairCorr
  0.94SPXL Direxion Daily SP500PairCorr
  0.97QLD ProShares Ultra QQQ Sell-off TrendPairCorr
  0.94UPRO ProShares UltraPro SP500PairCorr
  1.0TECL Direxion Daily TechnologyPairCorr
  0.91FNGU MicroSectors FANG Index Sell-off TrendPairCorr
  0.68UYG ProShares Ultra FinaPairCorr
  0.75ARKW ARK Next GenerationPairCorr
  0.78EWC iShares MSCI Canada Sell-off TrendPairCorr
  0.92BST BlackRock Science TechPairCorr
  0.92SPY SPDR SP 500PairCorr
  0.85PPA Invesco Aerospace DefensePairCorr
  0.84AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.65BAC Bank of America Fiscal Year End 10th of January 2025 PairCorr
  0.65XOM Exxon Mobil Corp Aggressive PushPairCorr
  0.78AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.72HD Home DepotPairCorr
  0.63WMT Walmart Aggressive PushPairCorr
  0.82HPQ HP IncPairCorr
  0.72CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr

Moving against ProShares Etf

  0.62HUM Humana Inc Fiscal Year End 23rd of January 2025 PairCorr
  0.47NRGU Bank Of MontrealPairCorr
  0.36IRET Tidal Trust IIPairCorr
  0.64JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.63PG Procter GamblePairCorr
  0.59KO Coca Cola Aggressive PushPairCorr

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   
UCC
+ 0.87
UXI
UXI
+ 0.77
USD
UCC
+ 0.64
USD
UPW
+ 0.62
UXI
UPW
+ 0.43
UCC
UPW
+ 0.32
USD
  
High negative correlations   
UCC
- 0.8
RXL
UXI
- 0.63
RXL
USD
- 0.57
RXL
UPW
- 0.29
RXL

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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