Direxion Daily Correlations

UBOT Etf

USD 21.92 0.48 2.24%

The current 90-days correlation between Direxion Daily Robotics and Strategy Shares is 0.61 (i.e., Poor diversification). The correlation of Direxion Daily is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Direxion Daily Correlation With Market

Poor diversification

The correlation between Direxion Daily Robotics and DJI is 0.62 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Robotics 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 Robotics. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Direxion Etf

0.84	SSO	ProShares Ultra SP500	Pair Corr
0.85	SPXL	Direxion Daily SP500	Pair Corr
0.87	QLD	ProShares Ultra QQQ	Pair Corr
0.85	UPRO	ProShares UltraPro SP500	Pair Corr
0.9	TECL	Direxion Daily Technology	Pair Corr
0.81	ITDD	iShares Trust	Pair Corr
0.88	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.86	TCAI	Tortoise Capital Series	Pair Corr
0.77	INTC	Intel Aggressive Push	Pair Corr
0.78	MSFT	Microsoft	Pair Corr

Moving against Direxion Etf

0.69	VZ	Verizon Communications	Pair Corr
0.53	VIXY	ProShares VIX Short	Pair Corr
0.47	NRGU	Bank of Montreal	Pair Corr
0.37	GUSH	Direxion Daily SP	Pair Corr
0.37	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.33	TRV	The Travelers Companies	Pair Corr
0.62	T	ATT Inc	Pair Corr
0.55	MCD	McDonalds	Pair Corr
0.48	PG	Procter Gamble	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.44	0.53	-0.72	0.62	-0.73	0.35	-0.06	-0.7	-0.58	META
MSFT	0.44		0.6	0.01	-0.22	0.05	0.47	0.34	-0.29	-0.09	MSFT
UBER	0.53	0.6		-0.29	0.26	-0.4	0.41	0.39	-0.68	-0.37	UBER
F	-0.72	0.01	-0.29		-0.69	0.79	0.0	0.17	0.61	0.65	F
T	0.62	-0.22	0.26	-0.69		-0.81	0.0	-0.19	-0.57	-0.5	T
A	-0.73	0.05	-0.4	0.79	-0.81		-0.06	-0.02	0.71	0.43	A
CRM	0.35	0.47	0.41	0.0	0.0	-0.06		-0.11	-0.44	-0.32	CRM
JPM	-0.06	0.34	0.39	0.17	-0.19	-0.02	-0.11		-0.21	0.32	JPM
MRK	-0.7	-0.29	-0.68	0.61	-0.57	0.71	-0.44	-0.21		0.56	MRK
XOM	-0.58	-0.09	-0.37	0.65	-0.5	0.43	-0.32	0.32	0.56		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

A	+ 0.79	F
MRK	+ 0.71	A
XOM	+ 0.65	F
T	+ 0.62	META
MRK	+ 0.61	F
UBER	+ 0.6	MSFT

High negative correlations

A	- 0.81	T
A	- 0.73	META
F	- 0.72	META
MRK	- 0.7	META
T	- 0.69	F
MRK	- 0.68	UBER

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
META	1.28	(0.33)	0.00	(0.42)	0.00	0.00	1.87	(2.72)	13.52
MSFT	0.86	(0.10)	0.00	(0.12)	0.00	0.00	1.85	(2.19)	5.08
UBER	1.46	(0.23)	0.00	(0.20)	0.00	0.00	3.34	(3.30)	10.91
F	1.49	0.15	0.08	0.12	1.70	(1.72)	3.38	(2.35)	16.30
T	0.99	(0.17)	0.00	(0.42)	0.00	0.00	1.84	(2.32)	6.25
A	1.27	0.40	0.28	0.36	0.99	(1.44)	3.93	(2.15)	11.03
CRM	1.60	(0.14)	0.00	(0.11)	0.00	0.00	2.93	(3.61)	9.91
JPM	0.87	(0.01)	0.00	0.01	1.32	(0.80)	1.67	(1.91)	5.76
MRK	1.31	0.22	0.16	0.40	1.13	(1.71)	3.84	(2.36)	11.45
XOM	0.92	0.07	0.04	0.38	1.11	(0.87)	1.77	(1.93)	4.63

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