ProShares UltraShort Correlations

SDD Etf

USD 12.32 0.12 0.98%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Industrials is 0.78 (i.e., Poor diversification). 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

Pay attention - limited upside

The correlation between ProShares UltraShort SmallCap6 and DJI is -0.78 (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 UltraShort SmallCap6 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort SmallCap600. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in consumer price index.

Moving together with ProShares Etf

0.68	SH	ProShares Short SP500	Pair Corr
0.68	SPXU	ProShares UltraPro Short	Pair Corr
0.68	SDS	ProShares UltraShort	Pair Corr
0.68	SPXS	Direxion Daily SP	Pair Corr
0.9	RWM	ProShares Short Russ Aggressive Push	Pair Corr
0.69	SPDN	Direxion Daily SP Aggressive Push	Pair Corr
0.72	TAIL	Cambria Tail Risk	Pair Corr
0.75	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.84	VTV	Vanguard Value Index	Pair Corr
0.83	IYJ	iShares Industrials ETF	Pair Corr
0.8	VO	Vanguard Mid Cap	Pair Corr
0.74	TOT	Advisor Managed Port	Pair Corr
0.73	VTI	Vanguard Total Stock	Pair Corr
0.67	SPY	SPDR SP 500	Pair Corr
0.66	IVV	iShares Core SP	Pair Corr
0.48	VUG	Vanguard Growth Index	Pair Corr
0.69	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.63	AA	Alcoa Corp	Pair Corr
0.58	BAC	Bank of America	Pair Corr
0.57	MCD	McDonalds	Pair Corr
0.52	AXP	American Express	Pair Corr
0.36	MRK	Merck Company Aggressive Push	Pair Corr
0.35	KIE	SPDR SP Insurance	Pair Corr
0.32	JNJ	Johnson Johnson	Pair Corr
0.31	IBM	International Business	Pair Corr

Related Correlations Analysis

	SIJ	CTEX	MZZ	SMDD	TINT	RXD	ZSB	CZAR	SCC	HOOI
SIJ		-0.4	0.77	0.77	-0.81	0.02	-0.16	-0.68	0.75	-0.42	SIJ
CTEX	-0.4		-0.13	-0.18	0.28	-0.55	0.78	-0.15	-0.08	0.08	CTEX
MZZ	0.77	-0.13		1.0	-0.77	0.04	-0.01	-0.68	0.8	-0.1	MZZ
SMDD	0.77	-0.18	1.0		-0.76	0.11	-0.08	-0.63	0.78	-0.05	SMDD
TINT	-0.81	0.28	-0.77	-0.76		0.06	0.1	0.78	-0.77	0.38	TINT
RXD	0.02	-0.55	0.04	0.11	0.06		-0.84	0.44	-0.3	0.48	RXD
ZSB	-0.16	0.78	-0.01	-0.08	0.1	-0.84		-0.32	0.22	-0.23	ZSB
CZAR	-0.68	-0.15	-0.68	-0.63	0.78	0.44	-0.32		-0.71	0.56	CZAR
SCC	0.75	-0.08	0.8	0.78	-0.77	-0.3	0.22	-0.71		-0.32	SCC
HOOI	-0.42	0.08	-0.1	-0.05	0.38	0.48	-0.23	0.56	-0.32		HOOI
	SIJ	CTEX	MZZ	SMDD	TINT	RXD	ZSB	CZAR	SCC	HOOI

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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

SMDD	+ 1.0	MZZ
SCC	+ 0.8	MZZ
ZSB	+ 0.78	CTEX
SCC	+ 0.78	SMDD
CZAR	+ 0.78	TINT
MZZ	+ 0.77	SIJ

High negative correlations

ZSB	- 0.84	RXD
TINT	- 0.81	SIJ
SCC	- 0.77	TINT
TINT	- 0.77	MZZ
TINT	- 0.76	SMDD
SCC	- 0.71	CZAR

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
SIJ	1.36	0.06	0.00	0.03	0.00	0.00	2.99	(2.34)	9.50
CTEX	2.51	0.28	0.10	0.17	3.31	(2.36)	5.05	(5.19)	15.82
MZZ	1.52	0.12	0.00	0.01	0.00	0.00	3.30	(3.66)	10.42
SMDD	2.25	0.18	0.00	0.01	0.00	0.00	4.91	(5.56)	15.81
TINT	0.86	(0.05)	(0.04)	0.02	1.09	(0.89)	2.08	(1.81)	5.04
RXD	1.33	(0.26)	0.00	0.26	0.00	0.00	2.66	(4.58)	9.17
ZSB	0.76	0.35	0.26	(1.98)	0.68	(0.96)	1.84	(1.24)	5.17
CZAR	0.51	(0.07)	0.00	(0.03)	0.00	0.00	0.90	(1.18)	2.70
SCC	1.80	0.12	0.00	0.01	0.00	0.00	4.54	(4.02)	10.85
HOOI	6.22	(0.24)	0.00	0.02	8.86	(5.81)	12.16	(16.84)	41.12

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