ProShares UltraShort Correlations

SCC Etf  USD 16.41  0.09  0.55%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is 0.32 (i.e., Weak diversification). The correlation of ProShares UltraShort 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 UltraShort Correlation With Market

Pay attention - limited upside

The correlation between ProShares UltraShort Consumer and DJI is -0.79 (i.e., Pay attention - limited upside) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Consumer and DJI in the same portfolio, assuming nothing else is changed.
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Consumer. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with ProShares Etf

  0.97SH ProShares Short SP500PairCorr
  0.97PSQ ProShares Short QQQPairCorr
  0.97SPXU ProShares UltraPro ShortPairCorr
  0.97SDS ProShares UltraShortPairCorr
  0.95SPXS Direxion Daily SPPairCorr
  0.98QID ProShares UltraShort QQQPairCorr
  0.92RWM ProShares Short RussPairCorr
  0.94SPDN Direxion Daily SPPairCorr
  0.96TAIL Cambria Tail RiskPairCorr
  0.9DOG ProShares Short Dow30 Sell-off TrendPairCorr

Moving against ProShares Etf

  0.95QLD ProShares Ultra QQQPairCorr
  0.94SPXL Direxion Daily SP500 Sell-off TrendPairCorr
  0.94UPRO ProShares UltraPro SP500 Sell-off TrendPairCorr
  0.92ROM ProShares Ultra TechPairCorr
  0.9GBTC Grayscale Bitcoin TrustPairCorr
  0.9TECL Direxion Daily TechnologyPairCorr
  0.9SMH VanEck Semiconductor ETFPairCorr
  0.9SOXX iShares Semiconductor ETFPairCorr
  0.87USD ProShares Ultra Semi Downward RallyPairCorr
  0.84KGRN KraneShares MSCI ChinaPairCorr
  0.51EUSB iShares TrustPairCorr
  0.93MMM 3M CompanyPairCorr
  0.93DIS Walt DisneyPairCorr
  0.93BA Boeing Earnings Call This WeekPairCorr
  0.93BAC Bank of America Aggressive PushPairCorr
  0.92AXP American ExpressPairCorr
  0.92MSFT Microsoft Earnings Call This WeekPairCorr
  0.9CSCO Cisco Systems Sell-off TrendPairCorr
  0.88AA Alcoa CorpPairCorr
  0.84DD Dupont De Nemours Earnings Call This WeekPairCorr
  0.73PFE Pfizer IncPairCorr
  0.69INTC Intel Earnings Call TomorrowPairCorr
  0.67CVX Chevron CorpPairCorr
  0.67HD Home DepotPairCorr
  0.41T ATT Inc Earnings Call TodayPairCorr
  0.39XOM Exxon Mobil CorpPairCorr
  0.35HPQ HP IncPairCorr
  0.31TRV The Travelers CompaniesPairCorr

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   
REWSIJ
SDPSIJ
SDPREW
RXDSZK
  
High negative correlations   
RXDSIJ
SDPRXD
REWRXD
REWSZK
SIJSZK
SDPSZK

ProShares UltraShort Constituents 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.