ProShares UltraShort Correlations

SDD Etf  USD 15.00  0.26  1.76%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort MidCap400 is 0.97 (i.e., Almost no 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 SmallCap6 and DJI is -0.84 (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 SmallCap6 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 SmallCap600. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with ProShares Etf

  0.99SH ProShares Short SP500PairCorr
  0.98PSQ ProShares Short QQQPairCorr
  0.98SPXU ProShares UltraPro ShortPairCorr
  0.98SDS ProShares UltraShortPairCorr
  0.98SPXS Direxion Daily SPPairCorr
  0.98QID ProShares UltraShort QQQPairCorr
  1.0RWM ProShares Short RussPairCorr
  0.98SPDN Direxion Daily SPPairCorr
  0.96TAIL Cambria Tail RiskPairCorr
  0.97DOG ProShares Short Dow30PairCorr

Moving against ProShares Etf

  0.98QLD ProShares Ultra QQQPairCorr
  0.98SPXL Direxion Daily SP500PairCorr
  0.98UPRO ProShares UltraPro SP500PairCorr
  0.97ROM ProShares Ultra TechPairCorr
  0.96TECL Direxion Daily TechnologyPairCorr
  0.96SOXX iShares Semiconductor ETFPairCorr
  0.94SMH VanEck Semiconductor ETFPairCorr
  0.91GBTC Grayscale Bitcoin TrustPairCorr
  0.91USD ProShares Ultra SemiPairCorr
  0.86KGRN KraneShares MSCI ChinaPairCorr
  0.67EUSB iShares TrustPairCorr
  0.98AXP American ExpressPairCorr
  0.97BAC Bank of AmericaPairCorr
  0.96MSFT MicrosoftPairCorr
  0.95DIS Walt DisneyPairCorr
  0.95BA BoeingPairCorr
  0.93MMM 3M CompanyPairCorr
  0.93DD Dupont De NemoursPairCorr
  0.92AA Alcoa CorpPairCorr
  0.92CSCO Cisco SystemsPairCorr
  0.84PFE Pfizer IncPairCorr
  0.8CVX Chevron CorpPairCorr
  0.8INTC Intel Earnings Call This WeekPairCorr
  0.64HD Home DepotPairCorr
  0.6XOM Exxon Mobil CorpPairCorr
  0.47T ATT Inc Earnings Call This WeekPairCorr

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   
SIJMZZ
SBBMZZ
SBBSIJ
  
High negative correlations   
RXDSIJ
RXDMZZ
RXDSBB
SZKSBB
SZKMZZ
SZKSIJ

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.