ProShares UltraShort Correlations

SDP Etf

USD 12.91 0.32 2.42%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Health is 0.11 (i.e., Average 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. If the correlation is 0, the equities are not correlated; they are entirely random.

ProShares UltraShort Correlation With Market

Significant diversification

The correlation between ProShares UltraShort Utilities and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Utilities 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 Utilities. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with ProShares Etf

0.88	SH	ProShares Short SP500	Pair Corr
0.9	PSQ	ProShares Short QQQ	Pair Corr
0.91	SPXU	ProShares UltraPro Short	Pair Corr
0.88	SDS	ProShares UltraShort	Pair Corr
0.89	SPXS	Direxion Daily SP	Pair Corr
0.89	QID	ProShares UltraShort QQQ	Pair Corr
0.85	RWM	ProShares Short Russ	Pair Corr
0.88	SPDN	Direxion Daily SP	Pair Corr
0.87	TAIL	Cambria Tail Risk	Pair Corr
0.87	DOG	ProShares Short Dow30 Sell-off Trend	Pair Corr

Moving against ProShares Etf

0.89	UPRO	ProShares UltraPro SP500 Sell-off Trend	Pair Corr
0.88	QLD	ProShares Ultra QQQ	Pair Corr
0.87	SPXL	Direxion Daily SP500 Sell-off Trend	Pair Corr
0.86	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.86	ROM	ProShares Ultra Tech	Pair Corr
0.85	TECL	Direxion Daily Technology	Pair Corr
0.84	SMH	VanEck Semiconductor ETF	Pair Corr
0.83	USD	ProShares Ultra Semi Downward Rally	Pair Corr
0.83	SOXX	iShares Semiconductor ETF	Pair Corr
0.8	KGRN	KraneShares MSCI China	Pair Corr
0.52	EUSB	iShares Trust	Pair Corr
0.89	BA	Boeing Earnings Call This Week	Pair Corr
0.88	MSFT	Microsoft Earnings Call Next Week	Pair Corr
0.85	DIS	Walt Disney	Pair Corr
0.84	MMM	3M Company	Pair Corr
0.84	BAC	Bank of America Aggressive Push	Pair Corr
0.84	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.82	AXP	American Express	Pair Corr
0.79	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.77	AA	Alcoa Corp	Pair Corr
0.71	PFE	Pfizer Inc	Pair Corr
0.61	INTC	Intel Earnings Call This Week	Pair Corr
0.6	CVX	Chevron Corp	Pair Corr
0.55	HD	Home Depot	Pair Corr
0.45	T	ATT Inc Earnings Call Tomorrow	Pair Corr
0.43	TRV	The Travelers Companies	Pair Corr
0.31	XOM	Exxon Mobil Corp	Pair Corr

Related Correlations Analysis

	RXD	SZK	SIJ	REW	SCC
RXD		0.13	-0.33	-0.23	-0.31	RXD
SZK	0.13		-0.13	-0.2	-0.15	SZK
SIJ	-0.33	-0.13		0.98	0.96	SIJ
REW	-0.23	-0.2	0.98		0.97	REW
SCC	-0.31	-0.15	0.96	0.97		SCC
	RXD	SZK	SIJ	REW	SCC

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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

REW	+ 0.98	SIJ
SCC	+ 0.97	REW
SCC	+ 0.96	SIJ
SZK	+ 0.13	RXD

High negative correlations

SIJ	- 0.33	RXD
SCC	- 0.31	RXD
REW	- 0.23	RXD
REW	- 0.2	SZK
SCC	- 0.15	SZK
SIJ	- 0.13	SZK

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
RXD	1.76	0.39	0.01	(0.09)	1.81	(2.10)	4.62	(2.76)	10.09
SZK	1.15	0.00	(0.06)	0.14	1.63	(1.11)	2.28	(2.26)	6.70
SIJ	1.35	(0.54)	0.00	(2.94)	0.00	0.00	1.92	(3.47)	10.95
REW	1.90	(0.49)	0.00	0.36	0.00	0.00	2.86	(5.01)	16.08
SCC	1.99	(0.17)	0.00	0.21	0.00	0.00	4.64	(4.85)	15.34

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