Direxion Daily Correlations

GUSH Etf

USD 23.93 0.04 0.17%

The current 90-days correlation between Direxion Daily SP and First Trust Exchange Traded is 0.76 (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.

Direxion Daily Correlation With Market

Poor diversification

The correlation between Direxion Daily SP and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

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

Moving together with Direxion Etf

0.77	SSO	ProShares Ultra SP500	Pair Corr
0.79	SPXL	Direxion Daily SP500	Pair Corr
0.73	QLD	ProShares Ultra QQQ	Pair Corr
0.94	NRGU	Bank of Montreal	Pair Corr
0.79	UPRO	ProShares UltraPro SP500	Pair Corr
0.75	TECL	Direxion Daily Technology	Pair Corr
0.76	UYG	ProShares Ultra Fina	Pair Corr
0.73	ITDD	iShares Trust	Pair Corr
0.78	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.63	MSFT	Microsoft	Pair Corr
0.76	BAC	Bank of America Aggressive Push	Pair Corr
0.73	MMM	3M Company	Pair Corr
0.65	GE	GE Aerospace	Pair Corr
0.69	JPM	JPMorgan Chase	Pair Corr
0.75	IBM	International Business	Pair Corr
0.76	DIS	Walt Disney	Pair Corr
0.77	CSCO	Cisco Systems	Pair Corr

Moving against Direxion Etf

0.41

MCD

McDonalds Sell-off Trend

Pair Corr

Related Correlations Analysis

	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL
MDEV		0.84	0.71	0.65	0.87	0.84	0.9	-0.88	0.68	MDEV
MDST	0.84		0.76	0.62	0.84	0.74	0.79	-0.89	0.83	MDST
MEDX	0.71	0.76		0.85	0.68	0.59	0.61	-0.66	0.7	MEDX
MEDI	0.65	0.62	0.85		0.76	0.7	0.49	-0.61	0.49	MEDI
MGNR	0.87	0.84	0.68	0.76		0.96	0.78	-0.94	0.68	MGNR
MISL	0.84	0.74	0.59	0.7	0.96		0.76	-0.87	0.55	MISL
DPST	0.9	0.79	0.61	0.49	0.78	0.76		-0.83	0.73	DPST
DRIP	-0.88	-0.89	-0.66	-0.61	-0.94	-0.87	-0.83		-0.85	DRIP
DRLL	0.68	0.83	0.7	0.49	0.68	0.55	0.73	-0.85		DRLL
	MDEV	MDST	MEDX	MEDI	MGNR	MISL	DPST	DRIP	DRLL

Click cells to compare fundamentals

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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

MISL	+ 0.96	MGNR
DPST	+ 0.9	MDEV
MGNR	+ 0.87	MDEV
MEDI	+ 0.85	MEDX
MDST	+ 0.84	MDEV
MISL	+ 0.84	MDEV

High negative correlations

DRIP	- 0.94	MGNR
DRIP	- 0.89	MDST
DRIP	- 0.88	MDEV
DRIP	- 0.87	MISL
DRLL	- 0.85	DRIP
DRIP	- 0.83	DPST

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
MDEV	1.00	(0.06)	(0.04)	0.04	1.56	(1.02)	2.04	(2.56)	11.39
MDST	1.03	(0.09)	0.00	(0.01)	0.00	0.00	2.08	(2.04)	10.68
MEDX	1.30	(0.08)	(0.05)	(0.01)	2.09	(1.19)	2.86	(3.25)	7.98
MEDI	1.34	0.00	(0.01)	0.10	1.91	(1.32)	2.36	(2.99)	10.35
MGNR	1.24	0.10	0.04	0.19	2.11	(1.28)	2.26	(2.44)	14.25
MISL	1.02	0.23	0.11	0.35	1.64	(1.07)	2.08	(1.96)	10.79
DPST	4.58	0.18	0.06	0.15	7.19	(5.11)	9.48	(10.41)	41.06
DRIP	3.76	0.26	0.00	0.01	0.00	0.00	7.98	(6.39)	43.85
DRLL	1.54	(0.17)	0.00	(0.05)	0.00	0.00	2.54	(2.81)	15.55

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