ProShares Ultra Correlations

Etfs . USA . 
Etf . ProShares Ultra Technology
ROM Etf  USD 80.60  0.14  0.17%   
The current 90-days correlation between ProShares Ultra Tech and ProShares Ultra Health is 0.41 (i.e., Very 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 0.77 (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.
  
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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

  1.0SSO ProShares Ultra SP500PairCorr
  1.0SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.87NRGU Bank of MontrealPairCorr
  1.0UPRO ProShares UltraPro SP500PairCorr
  1.0TECL Direxion Daily TechnologyPairCorr
  0.67LABU Direxion Daily SPPairCorr
  0.89GUSH Direxion Daily SPPairCorr
  0.94UYG ProShares Ultra FinaPairCorr
  0.99VTI Vanguard Total StockPairCorr
  1.0SPY SPDR SP 500PairCorr
  1.0IVV iShares Core SPPairCorr
  0.62BND Vanguard Total BondPairCorr
  0.98VTV Vanguard Value Index Sell-off TrendPairCorr
  0.99VUG Vanguard Growth IndexPairCorr
  0.99VO Vanguard Mid CapPairCorr
  0.96VEA Vanguard FTSE DevelopedPairCorr
  0.98VB Vanguard Small CapPairCorr
  0.98VWO Vanguard FTSE EmergingPairCorr
  0.94IBM International Business Earnings Call This WeekPairCorr
  0.9MMM 3M CompanyPairCorr
  0.97BAC Bank of AmericaPairCorr
  0.94GE GE Aerospace Earnings Call TomorrowPairCorr
  0.92AA Alcoa CorpPairCorr
  0.87PFE Pfizer IncPairCorr
  0.99CAT CaterpillarPairCorr
  0.96DIS Walt DisneyPairCorr
  0.98MSFT Microsoft Aggressive PushPairCorr
  0.98JPM JPMorgan Chase Sell-off TrendPairCorr
  0.97AXP American ExpressPairCorr

Moving against ProShares Etf

  0.56FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.71MCD McDonaldsPairCorr
  0.6KO Coca Cola Earnings Call TomorrowPairCorr
  0.55PG Procter Gamble Earnings Call Next WeekPairCorr
  0.43VZ Verizon Communications 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
+ 0.97
UXI
UXI
+ 0.96
USD
UPW
+ 0.9
UXI
UPW
+ 0.89
UCC
UCC
+ 0.88
USD
UPW
+ 0.82
USD
  
High negative correlations   
UCC
- 0.52
RXL
UXI
- 0.49
RXL
UPW
- 0.41
RXL
USD
- 0.41
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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