Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Financial
FAS Etf  USD 168.88  0.18  0.11%   
The current 90-days correlation between Direxion Daily Financial and Direxion Daily Financial is -1.0 (i.e., Pay attention - limited upside). 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

Good diversification

The correlation between Direxion Daily Financial and DJI is -0.09 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Financial and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Direxion Daily Financial. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in nation.

Moving together with Direxion Etf

  0.94SSO ProShares Ultra SP500PairCorr
  0.94SPXL Direxion Daily SP500PairCorr
  0.95QLD ProShares Ultra QQQPairCorr
  0.76NRGU Bank of MontrealPairCorr
  0.96UPRO ProShares UltraPro SP500PairCorr
  0.92TECL Direxion Daily TechnologyPairCorr
  0.77GUSH Direxion Daily SPPairCorr
  0.95UYG ProShares Ultra FinaPairCorr
  0.94VTI Vanguard Total StockPairCorr
  0.94SPY SPDR SP 500PairCorr
  0.94IVV iShares Core SPPairCorr
  0.92VTV Vanguard Value Index Sell-off TrendPairCorr
  0.94VUG Vanguard Growth IndexPairCorr
  0.95VO Vanguard Mid CapPairCorr
  0.9VEA Vanguard FTSE DevelopedPairCorr
  0.95VB Vanguard Small CapPairCorr
  0.92VWO Vanguard FTSE EmergingPairCorr
  0.84IBM International Business Earnings Call TomorrowPairCorr
  0.91MMM 3M CompanyPairCorr
  0.93BAC Bank of AmericaPairCorr
  0.89GE GE Aerospace Earnings Call TodayPairCorr
  0.89AA Alcoa CorpPairCorr
  0.77PFE Pfizer IncPairCorr
  0.91CAT CaterpillarPairCorr
  0.91DIS Walt DisneyPairCorr
  0.92MSFT Microsoft Aggressive PushPairCorr
  0.94JPM JPMorgan Chase Sell-off TrendPairCorr
  0.94AXP American ExpressPairCorr

Moving against Direxion Etf

  0.55FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.51KO Coca Cola Earnings Call TodayPairCorr
  0.51MCD McDonaldsPairCorr
  0.43PG Procter Gamble Earnings Call This WeekPairCorr

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   
TECL
+ 0.99
SOXL
TECL
+ 0.98
TNA
SOXL
+ 0.97
TNA
SOXL
+ 0.69
ERX
TECL
+ 0.63
ERX
ERX
+ 0.62
TNA
  
High negative correlations   
TECL
- 0.92
FAZ
TNA
- 0.92
FAZ
SOXL
- 0.88
FAZ
ERX
- 0.45
FAZ

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.

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