Direxion Daily Correlations

SPXL Etf

USD 220.09 7.48 3.29%

The current 90-days correlation between Direxion Daily SP500 and Direxion Daily Technology is 0.9 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Very poor diversification

The correlation between Direxion Daily SP500 and DJI is 0.82 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP500 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Direxion Daily 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 income.

Moving together with Direxion Etf

1.0	SSO	ProShares Ultra SP500	Pair Corr
0.96	QLD	ProShares Ultra QQQ	Pair Corr
0.83	UPRO	ProShares UltraPro SP500	Pair Corr
0.85	TECL	Direxion Daily Technology	Pair Corr
0.81	SWP	SWP Growth Income	Pair Corr
0.88	WINN	Harbor Long Term	Pair Corr
0.79	SUSL	iShares ESG MSCI	Pair Corr
0.62	CAT	Caterpillar	Pair Corr
0.67	AXP	American Express	Pair Corr
0.66	AA	Alcoa Corp	Pair Corr

Moving against Direxion Etf

0.89	FNGD	MicroSectors FANG Index Buyout Trend	Pair Corr
0.46	VZ	Verizon Communications	Pair Corr
0.37	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	TECL	HIDE	AIQ	XLB	THRO	IJT	FPE	EWZ	VOX	IBB
TECL		0.28	0.98	-0.21	0.78	0.33	0.66	0.06	0.15	0.25	TECL
HIDE	0.28		0.38	-0.48	0.57	0.09	0.71	0.71	0.06	0.92	HIDE
AIQ	0.98	0.38		-0.25	0.79	0.36	0.72	0.09	0.17	0.34	AIQ
XLB	-0.21	-0.48	-0.25		-0.13	0.48	-0.26	-0.33	0.5	-0.52	XLB
THRO	0.78	0.57	0.79	-0.13		0.55	0.74	0.51	0.53	0.56	THRO
IJT	0.33	0.09	0.36	0.48	0.55		0.38	0.0	0.82	0.03	IJT
FPE	0.66	0.71	0.72	-0.26	0.74	0.38		0.34	0.31	0.57	FPE
EWZ	0.06	0.71	0.09	-0.33	0.51	0.0	0.34		0.2	0.75	EWZ
VOX	0.15	0.06	0.17	0.5	0.53	0.82	0.31	0.2		0.04	VOX
IBB	0.25	0.92	0.34	-0.52	0.56	0.03	0.57	0.75	0.04		IBB
	TECL	HIDE	AIQ	XLB	THRO	IJT	FPE	EWZ	VOX	IBB

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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

AIQ	+ 0.98	TECL
IBB	+ 0.92	HIDE
VOX	+ 0.82	IJT
THRO	+ 0.79	AIQ
THRO	+ 0.78	TECL
IBB	+ 0.75	EWZ

High negative correlations

IBB	- 0.52	XLB
XLB	- 0.48	HIDE
EWZ	- 0.33	XLB
FPE	- 0.26	XLB
XLB	- 0.25	AIQ
XLB	- 0.21	TECL

Direxion Daily Constituents Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily 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 Direxion Daily'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
TECL	2.87	0.02	0.03	0.07	4.70	(2.45)	5.54	(7.82)	17.08
HIDE	0.16	0.00	(0.25)	0.05	0.18	(0.16)	0.26	(0.38)	1.15
AIQ	1.05	0.02	0.02	0.08	1.50	(1.02)	2.21	(2.68)	6.82
XLB	0.80	(0.02)	(0.08)	(0.02)	0.89	(0.95)	1.96	(1.49)	4.16
THRO	0.60	(0.03)	(0.04)	0.04	0.86	(0.59)	1.25	(1.33)	3.48
IJT	0.83	(0.05)	(0.03)	0.03	1.08	(0.80)	1.77	(1.53)	5.10
FPE	0.17	(0.01)	(0.24)	0.00	0.21	(0.19)	0.33	(0.38)	1.49
EWZ	0.97	0.15	0.06	0.80	1.48	(0.99)	1.89	(1.82)	9.26
VOX	0.73	(0.03)	(0.04)	0.04	0.87	(0.80)	1.72	(1.35)	4.22
IBB	0.86	0.18	0.17	0.26	0.72	(0.94)	1.87	(1.68)	5.02

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