ProShares Short Correlations

RWM Etf

USD 17.39 0.68 3.76%

The current 90-days correlation between ProShares Short Russ and ProShares Short QQQ is 0.72 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Short moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Short Russell2000 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Short Correlation With Market

Pay attention - limited upside

The correlation between ProShares Short Russell2000 and DJI is -0.88 (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 Short Russell2000 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Short Russell2000. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with ProShares Etf

0.96	SH	ProShares Short SP500	Pair Corr
0.94	PSQ	ProShares Short QQQ	Pair Corr
0.96	SPXU	ProShares UltraPro Short	Pair Corr
0.92	SDS	ProShares UltraShort	Pair Corr
0.96	SPXS	Direxion Daily SP	Pair Corr
0.94	QID	ProShares UltraShort QQQ	Pair Corr
0.96	SPDN	Direxion Daily SP	Pair Corr
0.88	TAIL	Cambria Tail Risk	Pair Corr
0.89	DOG	ProShares Short Dow30	Pair Corr
0.65	WTID	UBS ETRACS Downward Rally	Pair Corr
0.66	PG	Procter Gamble Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.91	TARK	AXS 2X Innovation	Pair Corr
0.9	IYW	iShares Technology ETF	Pair Corr
0.72	BTFX	Valkyrie Bitcoin Futures	Pair Corr
0.69	BITU	ProShares Trust	Pair Corr
0.69	BTCL	T Rex 2X	Pair Corr
0.68	BITX	Volatility Shares Trust	Pair Corr
0.46	GDXU	MicroSectors Gold Miners	Pair Corr
0.46	JNUG	Direxion Daily Junior	Pair Corr
0.92	ISRCF	iShares V Public	Pair Corr
0.89	CVX	Chevron Corp	Pair Corr
0.88	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.88	CAT	Caterpillar	Pair Corr
0.87	BAC	Bank of America Aggressive Push	Pair Corr
0.86	AA	Alcoa Corp	Pair Corr
0.84	MSFT	Microsoft	Pair Corr
0.79	CSCO	Cisco Systems	Pair Corr
0.75	JNJ	Johnson Johnson	Pair Corr
0.72	MMM	3M Company	Pair Corr
0.64	AXP	American Express	Pair Corr
0.5	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.5	T	ATT Inc	Pair Corr

Related Correlations Analysis

	PSQ	DOG	MYY	TWM	SBB
PSQ		0.87	0.83	0.95	0.9	PSQ
DOG	0.87		0.97	0.89	0.88	DOG
MYY	0.83	0.97		0.86	0.84	MYY
TWM	0.95	0.89	0.86		0.98	TWM
SBB	0.9	0.88	0.84	0.98		SBB
	PSQ	DOG	MYY	TWM	SBB

ProShares Short Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Short 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 Short'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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
PSQ	0.62	(0.05)	0.16	1.32	(1.49)	3.83
DOG	0.54	(0.07)	(0.35)	1.03	(1.10)	3.73
MYY	0.71	(0.04)	(0.70)	1.56	(1.42)	4.98
TWM	1.90	(0.06)	0.12	3.88	(4.31)	11.63
SBB	0.93	0.00	0.10	1.92	(2.14)	6.07

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