ProShares UltraShort Correlations

Etfs . USA . 
Etf . ProShares UltraShort SP500
SDS Etf  USD 24.74  1.23  4.74%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort QQQ is 0.96 (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

Pay attention - limited upside

The correlation between ProShares UltraShort SP500 and DJI is -0.93 (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 SP500 and DJI in the same portfolio, assuming nothing else is changed.
  
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

  1.0SH ProShares Short SP500PairCorr
  0.99PSQ ProShares Short QQQ Sell-off TrendPairCorr
  1.0SPXU ProShares UltraPro Short TrendingPairCorr
  1.0SPXS Direxion Daily SP TrendingPairCorr
  0.99QID ProShares UltraShort QQQPairCorr
  0.96RWM ProShares Short RussPairCorr
  1.0SPDN Direxion Daily SPPairCorr
  0.96TAIL Cambria Tail Risk Low VolatilityPairCorr
  0.97DOG ProShares Short Dow30PairCorr
  0.64BND Vanguard Total BondPairCorr
  0.94UVXY ProShares Ultra VIX TrendingPairCorr
  0.67EVSD Eaton Vance ShortPairCorr

Moving against ProShares Etf

  1.0VTI Vanguard Total StockPairCorr
  1.0SPY SPDR SP 500 Sell-off TrendPairCorr
  1.0IVV iShares Core SP Sell-off TrendPairCorr
  0.98VUG Vanguard Growth IndexPairCorr
  0.98VO Vanguard Mid CapPairCorr
  0.81VTV Vanguard Value IndexPairCorr
  0.97VB Vanguard Small CapPairCorr
  0.54ITA iShares Aerospace DefensePairCorr
  0.52VHT Vanguard Health CarePairCorr
  0.47SPYD SPDR Portfolio SPPairCorr
  0.58SCHD Schwab Dividend EquityPairCorr
  0.39XLE Energy Select SectorPairCorr

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   
SH
+ 0.99
QID
SH
+ 0.96
DXD
DXD
+ 0.94
QID
SKF
+ 0.9
DXD
SKF
+ 0.79
SH
SKF
+ 0.76
QID
  
High negative correlations   
SH
- 0.94
SSO
SSO
- 0.94
QID
SSO
- 0.92
DXD
SKF
- 0.74
SSO

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.

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