ProShares UltraShort Correlations

SDS Etf

USD 15.90 0.02 0.13%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort QQQ is 0.95 (i.e., Almost no 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

Average diversification

The correlation between ProShares UltraShort SP500 and DJI is 0.13 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort SP500 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 SP500. 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

1.0	SH	ProShares Short SP500	Pair Corr
0.87	PSQ	ProShares Short QQQ	Pair Corr
0.87	SPXU	ProShares UltraPro Short Sell-off Trend	Pair Corr
1.0	SPXS	Direxion Daily SP	Pair Corr
0.99	QID	ProShares UltraShort QQQ	Pair Corr
0.98	RWM	ProShares Short Russ	Pair Corr
1.0	SPDN	Direxion Daily SP	Pair Corr
0.94	TAIL	Cambria Tail Risk	Pair Corr
0.83	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.99	ITDD	iShares Trust	Pair Corr
0.79	PFFL	ETRACS 2xMonthly Pay	Pair Corr
0.59	PMBS	PIMCO Mortgage Backed	Pair Corr
0.53	AXP	American Express Sell-off Trend	Pair Corr
0.65	CVX	Chevron Corp Earnings Call This Week	Pair Corr
0.64	CAT	Caterpillar	Pair Corr
0.62	AA	Alcoa Corp	Pair Corr
0.6	IBM	International Business	Pair Corr
0.59	BAC	Bank of America Aggressive Push	Pair Corr
0.55	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.51	MSFT	Microsoft Earnings Call This Week	Pair Corr
0.51	XOM	Exxon Mobil Corp Earnings Call This Week	Pair Corr
0.42	JNJ	Johnson Johnson	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.97	0.8	0.78	0.53	0.91	0.15	0.92	0.21	0.52	META
MSFT	0.97		0.83	0.83	0.49	0.85	0.15	0.95	0.24	0.51	MSFT
UBER	0.8	0.83		0.88	0.37	0.76	0.46	0.84	0.18	0.45	UBER
F	0.78	0.83	0.88		0.36	0.8	0.15	0.89	0.43	0.69	F
T	0.53	0.49	0.37	0.36		0.55	0.09	0.46	0.27	0.19	T
A	0.91	0.85	0.76	0.8	0.55		0.12	0.85	0.37	0.64	A
CRM	0.15	0.15	0.46	0.15	0.09	0.12		0.06	-0.38	-0.23	CRM
JPM	0.92	0.95	0.84	0.89	0.46	0.85	0.06		0.34	0.6	JPM
MRK	0.21	0.24	0.18	0.43	0.27	0.37	-0.38	0.34		0.54	MRK
XOM	0.52	0.51	0.45	0.69	0.19	0.64	-0.23	0.6	0.54		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

MSFT	+ 0.97	META
JPM	+ 0.95	MSFT
JPM	+ 0.92	META
A	+ 0.91	META
JPM	+ 0.89	F
F	+ 0.88	UBER

High negative correlations

MRK	- 0.38	CRM
XOM	- 0.23	CRM

ProShares UltraShort Competition 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
META	1.43	0.30	0.31	0.47	0.58	(1.75)	3.99	(1.93)	10.48
MSFT	0.82	0.37	0.50	0.77	0.00	(1.04)	2.33	(0.94)	8.85
UBER	1.56	0.10	0.07	0.33	1.35	(1.96)	4.19	(2.02)	10.87
F	1.28	0.08	0.03	0.33	1.38	(1.40)	2.69	(2.33)	7.46
T	0.97	0.04	(0.10)	0.41	1.16	(1.06)	2.35	(2.23)	5.71
A	1.50	(0.13)	0.03	0.16	1.75	(1.58)	2.82	(2.89)	14.01
CRM	1.30	0.25	(0.06)	(0.23)	1.64	(1.29)	2.95	(3.19)	9.31
JPM	0.87	0.17	0.16	0.41	0.47	(1.01)	2.25	(1.31)	6.03
MRK	1.39	(0.13)	(0.04)	0.12	1.85	(1.35)	2.90	(3.31)	10.58
XOM	1.09	0.02	(0.09)	0.32	1.37	(1.06)	2.18	(2.58)	6.28

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