ProShares UltraShort Correlations

SCC Etf  USD 16.39  0.11  0.67%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Consumer is -0.22 (i.e., Very good 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 -0.81 (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
  0.97SPXS Direxion Daily SPPairCorr
  0.97QID ProShares UltraShort QQQ Potential GrowthPairCorr
  0.94RWM ProShares Short Russ Potential GrowthPairCorr
  0.97SPDN Direxion Daily SPPairCorr
  0.98TAIL Cambria Tail RiskPairCorr
  0.94DOG ProShares Short Dow30PairCorr
  0.77HUM Humana Inc Earnings Call This WeekPairCorr

Moving against ProShares Etf

  0.94BST BlackRock Science TechPairCorr
  0.88EWC iShares MSCI CanadaPairCorr
  0.84ARKW ARK Next GenerationPairCorr
  0.82WTMF WisdomTree ManagedPairCorr
  0.75IRET iREIT MarketVectorPairCorr
  0.67OIH VanEck Oil ServicesPairCorr
  0.38WMT Walmart Sell-off TrendPairCorr
  0.93DIS Walt DisneyPairCorr
  0.93BAC Bank of America Aggressive PushPairCorr
  0.93BA Boeing Earnings Call This WeekPairCorr
  0.92MSFT Microsoft Earnings Call This WeekPairCorr
  0.92GE GE AerospacePairCorr
  0.9AA Alcoa CorpPairCorr
  0.88CAT CaterpillarPairCorr
  0.88JPM JPMorgan ChasePairCorr
  0.7PFE Pfizer IncPairCorr
  0.67CVX Chevron CorpPairCorr
  0.37XOM Exxon Mobil CorpPairCorr

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
REWSZK
REWRXD
SIJSZK
SDPRXD
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.