Direxion Daily Correlations

TECL Etf  USD 82.85  3.76  4.75%   
The current 90-days correlation between Direxion Daily Technology and Direxion Daily Semiconductor is 0.97 (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 Technology 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 Technology and DJI is 0.94 (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 Technology 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 Direxion Daily Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Direxion Etf

  0.99SSO ProShares Ultra SP500PairCorr
  0.98SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.98UPRO ProShares UltraPro SP500PairCorr
  0.9UYG ProShares Ultra FinaPairCorr
  0.97ITDD iShares TrustPairCorr
  0.96ITWO Proshares Russell 2000PairCorr
  0.91GYLD Arrow ETF TrustPairCorr
  0.72DWMF WisdomTree InternationalPairCorr
  0.95AGEM abrdn Emerging MarketsPairCorr
  0.72NFXL Direxion Daily NFLXPairCorr
  0.75CBTJ Calamos Bitcoin 80PairCorr
  0.93FORH Formidable ETFPairCorr
  0.98DVQQ WEBs Defined VolatilityPairCorr
  0.66PSLV Sprott Physical Silver Sell-off TrendPairCorr
  0.89NIKL Sprott Nickel MinersPairCorr
  0.74IHY VanEck International HighPairCorr
  0.66BLLD JPMorganPairCorr
  0.73FLXR TCW ETF TrustPairCorr
  0.81COPJ Sprott Junior CopperPairCorr
  0.94AOHY Angel Oak HighPairCorr
  0.95GLOF iShares MSCI GlobalPairCorr
  0.99SOXX iShares Semiconductor ETFPairCorr
  0.85BPI Grayscale Funds TrustPairCorr
  0.95NBGX Neuberger Berman ETFPairCorr
  0.91XHYT BondBloxx ETF TrustPairCorr
  0.77FID First Trust IntlPairCorr
  0.96ILCG iShares MorningstarPairCorr
  0.98DJUL FT Cboe VestPairCorr
  0.74BRRR Valkyrie BitcoinPairCorr
  0.88WTMF WisdomTree ManagedPairCorr
  0.88JIRE 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   
SPXLSOXL
NAILLABU
LABUSOXL
NAILSOXL
LABUSPXL
NAILSPXL
  
High negative correlations   
TECSSPXL
TECSSOXL

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.