Direxion Daily Correlations

MSFU Etf

USD 39.38 0.85 2.21%

The current 90-days correlation between Direxion Daily MSFT and Direxion Daily GOOGL is -0.05 (i.e., Good 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

Good diversification

The correlation between Direxion Daily MSFT and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily MSFT and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily MSFT. 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 Direxion Etf

0.77	SSO	ProShares Ultra SP500	Pair Corr
0.76	SPXL	Direxion Daily SP500	Pair Corr
0.79	QLD	ProShares Ultra QQQ	Pair Corr
0.75	UPRO	ProShares UltraPro SP500	Pair Corr
0.77	TECL	Direxion Daily Technology	Pair Corr
0.65	LABU	Direxion Daily SP	Pair Corr
0.77	UYG	ProShares Ultra Fina	Pair Corr
0.67	DHF	BNY Mellon High	Pair Corr
0.8	MAGS	Roundhill Magnificent	Pair Corr
0.78	ARP	Advisors Inner Circle	Pair Corr
0.8	PXMV	Invesco SP MidCap	Pair Corr
0.86	SEMI	Columbia Seligman	Pair Corr
0.73	HD	Home Depot Earnings Call This Week	Pair Corr
0.8	AXP	American Express	Pair Corr
0.72	CAT	Caterpillar	Pair Corr
0.67	BA	Boeing	Pair Corr
0.68	DIS	Walt Disney Aggressive Push	Pair Corr
0.69	GE	GE Aerospace	Pair Corr
0.87	MSFT	Microsoft Aggressive Push	Pair Corr
0.72	IBM	International Business	Pair Corr
0.69	HPQ	HP Inc	Pair Corr

Moving against Direxion Etf

0.5	KO	Coca Cola	Pair Corr
0.4	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.65	0.24	-0.36	-0.64	0.94	0.97	0.85	0.45	0.13	META
MSFT	0.65		0.67	0.13	-0.2	0.49	0.65	0.69	0.08	-0.15	MSFT
UBER	0.24	0.67		0.27	0.3	0.01	0.18	0.45	-0.21	-0.09	UBER
F	-0.36	0.13	0.27		0.6	-0.37	-0.32	-0.29	0.14	0.29	F
T	-0.64	-0.2	0.3	0.6		-0.72	-0.7	-0.41	-0.26	0.22	T
A	0.94	0.49	0.01	-0.37	-0.72		0.96	0.79	0.57	0.22	A
CRM	0.97	0.65	0.18	-0.32	-0.7	0.96		0.86	0.41	0.1	CRM
JPM	0.85	0.69	0.45	-0.29	-0.41	0.79	0.86		0.16	0.13	JPM
MRK	0.45	0.08	-0.21	0.14	-0.26	0.57	0.41	0.16		0.5	MRK
XOM	0.13	-0.15	-0.09	0.29	0.22	0.22	0.1	0.13	0.5		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

CRM	+ 0.97	META
CRM	+ 0.96	A
A	+ 0.94	META
JPM	+ 0.86	CRM
JPM	+ 0.85	META
JPM	+ 0.79	A

High negative correlations

A	- 0.72	T
CRM	- 0.7	T
T	- 0.64	META
JPM	- 0.41	T
A	- 0.37	F
F	- 0.36	META

Direxion Daily Competition 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	2.28	(0.01)	0.00	(0.12)	0.00	0.00	4.00	(4.67)	21.50
MSFT	1.41	0.21	0.12	0.09	1.58	(1.46)	3.19	(3.02)	13.79
UBER	2.41	0.52	0.15	0.29	2.92	(2.46)	5.87	(4.21)	16.03
F	1.91	0.25	0.09	0.13	2.63	(1.95)	3.19	(3.88)	13.11
T	1.15	0.29	0.15	0.65	2.21	(1.15)	1.97	(3.02)	8.94
A	1.65	(0.34)	0.00	(0.41)	0.00	0.00	2.76	(5.45)	14.45
CRM	1.79	(0.14)	0.00	(0.23)	0.00	0.00	2.91	(4.51)	13.13
JPM	1.59	(0.06)	0.00	(0.38)	0.00	0.00	2.88	(4.15)	11.14
MRK	1.55	(0.27)	0.00	(0.71)	0.00	0.00	2.43	(4.81)	9.08
XOM	1.41	(0.01)	0.04	0.44	2.41	(1.29)	2.80	(3.21)	10.54

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