ProShares UltraShort Correlations

EFU Etf

USD 10.94 0.13 1.17%

The current 90-days correlation between ProShares UltraShort MSCI and ProShares UltraShort MSCI is 0.86 (i.e., Very poor diversification). The correlation of ProShares UltraShort 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.

ProShares UltraShort Correlation With Market

Excellent diversification

The correlation between ProShares UltraShort MSCI and DJI is -0.6 (i.e., Excellent diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort MSCI and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort MSCI. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in census.

Moving together with ProShares Etf

0.94	SH	ProShares Short SP500 Sell-off Trend	Pair Corr
0.95	PSQ	ProShares Short QQQ	Pair Corr
0.95	SPXU	ProShares UltraPro Short	Pair Corr
0.95	SDS	ProShares UltraShort	Pair Corr
0.95	SPXS	Direxion Daily SP	Pair Corr
0.95	QID	ProShares UltraShort QQQ	Pair Corr
0.93	RWM	ProShares Short Russ	Pair Corr
0.94	SPDN	Direxion Daily SP Sell-off Trend	Pair Corr
0.93	TAIL	Cambria Tail Risk	Pair Corr
0.89	DOG	ProShares Short Dow30	Pair Corr

Moving against ProShares Etf

0.93	QLD	ProShares Ultra QQQ	Pair Corr
0.92	SPXL	Direxion Daily SP500	Pair Corr
0.92	UPRO	ProShares UltraPro SP500	Pair Corr
0.91	ROM	ProShares Ultra Tech	Pair Corr
0.89	TECL	Direxion Daily Technology	Pair Corr
0.89	SMH	VanEck Semiconductor ETF	Pair Corr
0.89	SOXX	iShares Semiconductor ETF	Pair Corr
0.88	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.86	USD	ProShares Ultra Semi	Pair Corr
0.76	KGRN	KraneShares MSCI China	Pair Corr
0.64	EUSB	iShares Trust	Pair Corr
0.93	DIS	Walt Disney	Pair Corr
0.93	MSFT	Microsoft Aggressive Push	Pair Corr
0.93	BAC	Bank of America	Pair Corr
0.92	BA	Boeing Earnings Call Next Week	Pair Corr
0.91	AXP	American Express	Pair Corr
0.9	CSCO	Cisco Systems	Pair Corr
0.85	MMM	3M Company	Pair Corr
0.83	AA	Alcoa Corp	Pair Corr
0.82	PFE	Pfizer Inc	Pair Corr
0.82	DD	Dupont De Nemours Earnings Call Next Week	Pair Corr
0.67	CVX	Chevron Corp	Pair Corr
0.6	INTC	Intel Earnings Call This Week	Pair Corr
0.59	HD	Home Depot	Pair Corr
0.58	T	ATT Inc Earnings Call This Week	Pair Corr
0.44	XOM	Exxon Mobil Corp	Pair Corr
0.42	TRV	The Travelers Companies	Pair Corr

Related Correlations Analysis

	EWV	EFZ	EEV	SIJ	SZK
EWV		0.94	0.81	0.83	0.08	EWV
EFZ	0.94		0.94	0.95	-0.03	EFZ
EEV	0.81	0.94		0.97	-0.21	EEV
SIJ	0.83	0.95	0.97		-0.13	SIJ
SZK	0.08	-0.03	-0.21	-0.13		SZK
	EWV	EFZ	EEV	SIJ	SZK

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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

SIJ	+ 0.97	EEV
SIJ	+ 0.95	EFZ
EFZ	+ 0.94	EWV
EEV	+ 0.94	EFZ
SIJ	+ 0.83	EWV
EEV	+ 0.81	EWV

High negative correlations

SZK	- 0.21	EEV
SZK	- 0.13	SIJ
SZK	- 0.03	EFZ

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
EWV	1.52	(0.08)	0.00	0.21	0.00	0.00	2.44	(3.75)	7.66
EFZ	0.62	(0.10)	0.00	0.32	0.00	0.00	1.14	(1.48)	3.57
EEV	1.16	(0.34)	0.00	0.51	0.00	0.00	2.30	(3.06)	8.46
SIJ	1.35	(0.29)	0.00	0.30	0.00	0.00	1.92	(3.47)	10.95
SZK	1.15	0.14	(0.05)	(0.05)	1.63	(1.11)	2.28	(2.26)	6.70

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