Direxion Daily Correlations

SPXL Etf

USD 160.84 4.28 2.73%

The current 90-days correlation between Direxion Daily SP500 and Direxion Daily SP is -1.0 (i.e., Pay attention - limited upside). 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

Almost no diversification

The correlation between Direxion Daily SP500 and DJI is 0.97 (i.e., Almost no 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 interest.

Moving together with Direxion Etf

0.99	SSO	ProShares Ultra SP500	Pair Corr
0.96	QLD	ProShares Ultra QQQ	Pair Corr
1.0	UPRO	ProShares UltraPro SP500	Pair Corr
0.98	TECL	Direxion Daily Technology	Pair Corr
0.69	GUSH	Direxion Daily SP Buyout Trend	Pair Corr
0.95	UYG	ProShares Ultra Fina	Pair Corr
0.95	ITDD	iShares Trust	Pair Corr
0.98	ITWO	Proshares Russell 2000	Pair Corr
0.92	GYLD	Arrow ETF Trust	Pair Corr
0.66	DWMF	WisdomTree International	Pair Corr
0.91	AGEM	abrdn Emerging Markets	Pair Corr
0.64	NFXL	Direxion Daily NFLX	Pair Corr
0.66	CBTJ	Calamos Bitcoin 80	Pair Corr
0.88	FORH	Formidable ETF	Pair Corr
0.96	DVQQ	WEBs Defined Volatility	Pair Corr
0.69	PSLV	Sprott Physical Silver Sell-off Trend	Pair Corr
0.83	NIKL	Sprott Nickel Miners	Pair Corr
0.67	IHY	VanEck International High	Pair Corr
0.67	FLXR	TCW ETF Trust	Pair Corr
0.8	COPJ	Sprott Junior Copper	Pair Corr
0.94	AOHY	Angel Oak High	Pair Corr
0.92	GLOF	iShares MSCI Global	Pair Corr
0.97	SOXX	iShares Semiconductor ETF	Pair Corr
0.88	BPI	Grayscale Funds Trust	Pair Corr
0.91	NBGX	Neuberger Berman ETF	Pair Corr
0.89	XHYT	BondBloxx ETF Trust	Pair Corr
0.71	FID	First Trust Intl	Pair Corr
0.91	ILCG	iShares Morningstar	Pair Corr
0.96	DJUL	FT Cboe Vest	Pair Corr
0.65	BRRR	Valkyrie Bitcoin	Pair Corr
0.86	WTMF	WisdomTree Managed	Pair Corr
0.85	JIRE	JP Morgan Exchange	Pair Corr

Related Correlations Analysis

	SPXS	TECL	TNA	SOXL	TQQQ
SPXS		-0.9	-0.7	-0.67	-0.92	SPXS
TECL	-0.9		0.89	0.9	1.0	TECL
TNA	-0.7	0.89		0.97	0.88	TNA
SOXL	-0.67	0.9	0.97		0.88	SOXL
TQQQ	-0.92	1.0	0.88	0.88		TQQQ
	SPXS	TECL	TNA	SOXL	TQQQ

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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

TQQQ	+ 1.0	TECL
SOXL	+ 0.97	TNA
SOXL	+ 0.9	TECL
TNA	+ 0.89	TECL
TQQQ	+ 0.88	TNA
TQQQ	+ 0.88	SOXL

High negative correlations

TQQQ	- 0.92	SPXS
TECL	- 0.9	SPXS
TNA	- 0.7	SPXS
SOXL	- 0.67	SPXS

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
SPXS	3.41	(0.20)	0.00	0.09	0.00	0.00	6.86	(6.19)	45.98
TECL	4.52	0.44	0.08	0.14	6.62	(4.51)	8.85	(10.32)	52.31
TNA	4.00	0.07	0.03	0.06	5.45	(4.46)	7.61	(8.44)	38.24
SOXL	6.43	0.47	0.07	0.12	8.81	(7.51)	12.09	(11.89)	79.38
TQQQ	4.00	0.34	0.07	0.12	5.80	(3.84)	7.64	(9.04)	47.54

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