ProShares UltraShort Correlations
TWM Etf | USD 40.09 0.08 0.20% |
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort MidCap400 is 0.95 (i.e., Almost no diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Russell2000 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
ProShares UltraShort Correlation With Market
Pay attention - limited upside
The correlation between ProShares UltraShort Russell20 and DJI is -0.88 (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 Russell20 and DJI in the same portfolio, assuming nothing else is changed.
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Moving together with ProShares Etf
0.99 | SH | ProShares Short SP500 | PairCorr |
0.98 | PSQ | ProShares Short QQQ | PairCorr |
0.98 | SPXU | ProShares UltraPro Short | PairCorr |
0.99 | SDS | ProShares UltraShort | PairCorr |
0.98 | SPXS | Direxion Daily SP | PairCorr |
0.97 | QID | ProShares UltraShort QQQ | PairCorr |
1.0 | RWM | ProShares Short Russ | PairCorr |
0.99 | SPDN | Direxion Daily SP | PairCorr |
0.94 | TAIL | Cambria Tail Risk | PairCorr |
0.99 | DOG | ProShares Short Dow30 | PairCorr |
0.77 | MPAY | Exchange Traded Concepts | PairCorr |
0.73 | MCD | McDonalds | PairCorr |
Moving against ProShares Etf
0.99 | ITDD | iShares Trust | PairCorr |
0.95 | AXP | American Express | PairCorr |
0.83 | PFFL | ETRACS 2xMonthly Pay | PairCorr |
0.66 | PMBS | PIMCO Mortgage Backed | PairCorr |
0.97 | BAC | Bank of America Aggressive Push | PairCorr |
0.97 | CAT | Caterpillar Earnings Call This Week | PairCorr |
0.96 | MSFT | Microsoft Earnings Call Tomorrow | PairCorr |
0.92 | AA | Alcoa Corp | PairCorr |
0.9 | DD | Dupont De Nemours Earnings Call Today | PairCorr |
0.86 | CVX | Chevron Corp Earnings Call This Week | PairCorr |
0.85 | IBM | International Business | PairCorr |
0.58 | XOM | Exxon Mobil Corp Earnings Call This Week | PairCorr |
0.49 | HD | Home Depot | PairCorr |
0.48 | JNJ | Johnson Johnson | PairCorr |
0.4 | T | ATT Inc | PairCorr |
0.33 | MRK | Merck Company Earnings Call Today | PairCorr |
Related Correlations Analysis
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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.Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
---|---|---|---|---|---|---|---|---|---|---|
MZZ | 1.46 | (0.01) | 0.00 | 0.20 | 0.00 | 2.63 | 9.45 | |||
DXD | 1.16 | 0.01 | 0.00 | 0.20 | 0.00 | 1.99 | 7.65 | |||
QID | 1.36 | (0.34) | 0.00 | 0.39 | 0.00 | 1.93 | 9.80 | |||
SMN | 1.49 | (0.03) | 0.00 | 0.22 | 0.00 | 2.08 | 8.83 | |||
SDD | 1.83 | 0.05 | 0.00 | 0.18 | 0.00 | 3.69 | 10.49 |