ProShares Nasdaq Correlations

Etfs . USA . 
Etf . ProShares Nasdaq 100 Dorsey
QQQA Etf  USD 45.17  0.11  0.24%   
The current 90-days correlation between ProShares Nasdaq 100 and Invesco ESG NASDAQ is 0.78 (i.e., Poor diversification). The correlation of ProShares Nasdaq 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.

ProShares Nasdaq Correlation With Market

Good diversification

The correlation between ProShares Nasdaq 100 Dorsey 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 ProShares Nasdaq 100 Dorsey and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares Nasdaq 100 Dorsey. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in producer price index.

Moving together with ProShares Etf

  0.97VUG Vanguard Growth IndexPairCorr
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  0.97SPYG SPDR Portfolio SPPairCorr
  0.97IUSG iShares Core SPPairCorr
  0.96VONG Vanguard Russell 1000PairCorr
  0.97MGK Vanguard Mega CapPairCorr
  0.96VRGWX Vanguard Russell 1000PairCorr
  0.97QQQM Invesco NASDAQ 100PairCorr
  0.97IWY iShares Russell TopPairCorr
  0.94USD ProShares Ultra Semi Downward RallyPairCorr
  0.86GBTC Grayscale Bitcoin TrustPairCorr
  0.97FNGO MicroSectors FANG IndexPairCorr
  0.85BITO ProShares BitcoinPairCorr
  0.94CRPT First Trust SkyBridgePairCorr
  0.77NRGU Bank of MontrealPairCorr
  0.95BULZ MicroSectors SolactivePairCorr
  0.91BITS Global X BlockchainPairCorr
  0.97FNGG Direxion Daily SelectPairCorr
  0.96DFEN Direxion Daily AerospacePairCorr
  0.69EUSB iShares TrustPairCorr
  0.98BUFD FT Cboe VestPairCorr
  0.79KGRN KraneShares MSCI ChinaPairCorr
  0.91BA Boeing Earnings Call This WeekPairCorr
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  0.93BAC Bank of America Aggressive PushPairCorr
  0.85MMM 3M CompanyPairCorr
  0.9AXP American ExpressPairCorr
  0.95CSCO Cisco Systems Sell-off TrendPairCorr
  0.84PFE Pfizer IncPairCorr
  0.74CVX Chevron CorpPairCorr
  0.92JPM JPMorgan ChasePairCorr

Moving against ProShares Etf

  0.63MCD McDonaldsPairCorr
  0.41PG Procter Gamble Earnings Call This WeekPairCorr

Related Correlations Analysis

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ProShares Nasdaq Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Nasdaq 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 Nasdaq'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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