ProShares Ultra Correlations

SSO Etf  USD 92.81  1.67  1.83%   
The current 90-days correlation between ProShares Ultra SP500 and ProShares Ultra QQQ is 0.99 (i.e., No risk reduction). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Ultra Correlation With Market

Almost no diversification

The correlation between ProShares Ultra 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 ProShares Ultra 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 Ultra 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 state.

Moving together with ProShares Etf

  0.99SPXL Direxion Daily SP500PairCorr
  0.98QLD ProShares Ultra QQQPairCorr
  0.99UPRO ProShares UltraPro SP500PairCorr
  0.99TECL Direxion Daily TechnologyPairCorr
  0.61GUSH Direxion Daily SP Buyout TrendPairCorr
  0.95UYG ProShares Ultra FinaPairCorr
  0.98ITDD iShares TrustPairCorr
  0.97ITWO Proshares Russell 2000PairCorr
  0.92GYLD Arrow ETF TrustPairCorr
  0.73DWMF WisdomTree InternationalPairCorr
  0.94AGEM abrdn Emerging MarketsPairCorr
  0.71NFXL Direxion Daily NFLXPairCorr
  0.73CBTJ Calamos Bitcoin 80PairCorr
  0.92FORH Formidable ETFPairCorr
  0.98DVQQ WEBs Defined VolatilityPairCorr
  0.67PSLV Sprott Physical Silver Sell-off TrendPairCorr
  0.87NIKL Sprott Nickel MinersPairCorr
  0.74IHY VanEck International HighPairCorr
  0.72FLXR TCW ETF TrustPairCorr
  0.82COPJ Sprott Junior CopperPairCorr
  0.95AOHY Angel Oak HighPairCorr
  0.96GLOF iShares MSCI GlobalPairCorr
  0.98SOXX iShares Semiconductor ETFPairCorr
  0.87BPI Grayscale Funds TrustPairCorr
  0.95NBGX Neuberger Berman ETFPairCorr
  0.92XHYT BondBloxx ETF TrustPairCorr
  0.77FID First Trust IntlPairCorr
  0.95ILCG iShares MorningstarPairCorr
  0.98DJUL FT Cboe VestPairCorr
  0.72BRRR Valkyrie BitcoinPairCorr
  0.89WTMF WisdomTree ManagedPairCorr
  0.89JIRE JP Morgan ExchangePairCorr

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   
QIDSDS
UYGDDM
UYGQLD
DDMQLD
  
High negative correlations   
SDSQLD
QIDQLD
UYGSDS
QIDUYG
SDSDDM
QIDDDM

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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.