ProShares UltraShort Correlations

GLL Etf

USD 28.07 0.41 1.44%

The current 90-days correlation between ProShares UltraShort Gold and Roundhill Uranium ETF is -0.16 (i.e., Good 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 Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Good diversification

The correlation between ProShares UltraShort Gold and DJI is -0.08 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with ProShares Etf

0.8	ZSL	ProShares UltraShort Downward Rally	Pair Corr
0.92	GDXD	MicroSectors Gold Miners	Pair Corr
0.79	DULL	MicroSectors Gold	Pair Corr

Moving against ProShares Etf

0.8	SHNY	Microsectors Gold	Pair Corr
0.77	SGVT	Schwab Strategic Trust	Pair Corr
0.75	SCO	ProShares UltraShort	Pair Corr
0.74	MUU	Direxion Daily MU	Pair Corr
0.7	IDHQ	Invesco SP International	Pair Corr
0.67	KORU	Direxion Daily South	Pair Corr
0.67	TCAI	Tortoise Capital Series	Pair Corr
0.64	AFK	VanEck Africa Index	Pair Corr
0.63	AAAA	Amplius Aggressive Asset	Pair Corr
0.61	QQQ	Invesco QQQ Trust	Pair Corr
0.57	GMF	SPDR SP Emerging	Pair Corr
0.56	JNUG	Direxion Daily Junior	Pair Corr
0.56	NUGT	Direxion Daily Gold	Pair Corr
0.56	PAUG	Innovator Equity Power	Pair Corr
0.54	IBCA	iShares Trust	Pair Corr
0.53	IWMI	NEOS Russell 2000 Low Volatility	Pair Corr
0.46	GDXU	MicroSectors Gold Miners Upward Rally	Pair Corr
0.37	DZZ	DB Gold Double Downward Rally	Pair Corr
0.35	DFP	Flaherty and Crumrine	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.48	0.6	-0.74	0.74	-0.73	0.41	-0.14	-0.68	-0.69	META
MSFT	0.48		0.75	-0.08	-0.07	-0.05	0.59	0.24	-0.42	-0.24	MSFT
UBER	0.6	0.75		-0.38	0.32	-0.49	0.47	0.39	-0.71	-0.4	UBER
F	-0.74	-0.08	-0.38		-0.76	0.8	-0.08	0.24	0.61	0.69	F
T	0.74	-0.07	0.32	-0.76		-0.9	0.05	-0.16	-0.54	-0.49	T
A	-0.73	-0.05	-0.49	0.8	-0.9		-0.14	0.05	0.74	0.52	A
CRM	0.41	0.59	0.47	-0.08	0.05	-0.14		-0.1	-0.47	-0.34	CRM
JPM	-0.14	0.24	0.39	0.24	-0.16	0.05	-0.1		-0.22	0.27	JPM
MRK	-0.68	-0.42	-0.71	0.61	-0.54	0.74	-0.47	-0.22		0.53	MRK
XOM	-0.69	-0.24	-0.4	0.69	-0.49	0.52	-0.34	0.27	0.53		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	+ 0.8	F
UBER	+ 0.75	MSFT
T	+ 0.74	META
MRK	+ 0.74	A
XOM	+ 0.69	F
MRK	+ 0.61	F

High negative correlations

A	- 0.9	T
T	- 0.76	F
F	- 0.74	META
A	- 0.73	META
MRK	- 0.71	UBER
XOM	- 0.69	META

ProShares UltraShort Competition 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
META	1.30	(0.31)	0.00	(0.26)	0.00	0.00	2.13	(2.72)	13.52
MSFT	0.86	(0.10)	0.00	(0.07)	0.00	0.00	1.85	(2.19)	5.08
UBER	1.45	(0.23)	0.00	(0.17)	0.00	0.00	3.34	(3.30)	10.91
F	1.47	0.11	0.07	0.13	1.66	(1.67)	3.38	(2.35)	16.30
T	1.00	(0.14)	0.00	0.88	0.00	0.00	1.84	(2.32)	6.25
A	1.28	0.43	0.26	(16.60)	0.97	(1.46)	3.93	(2.15)	11.03
CRM	1.66	(0.15)	0.00	(0.08)	0.00	0.00	3.22	(3.61)	9.91
JPM	0.89	(0.01)	(0.01)	0.05	1.30	(0.83)	1.68	(1.91)	5.76
MRK	1.36	0.33	0.23	1.24	1.01	(1.83)	4.84	(1.73)	11.45
XOM	0.93	0.03	(0.01)	0.21	1.13	(0.89)	1.77	(1.93)	4.63

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