Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Semiconductor
SOXL Etf  USD 27.33  0.01  0.04%   
The current 90-days correlation between Direxion Daily Semic and ProShares UltraPro QQQ is 0.16 (i.e., Average diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily Semiconductor moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Average diversification

The correlation between Direxion Daily Semiconductor and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Semiconductor and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Direxion Daily Semiconductor. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Direxion Etf

  0.83SSO ProShares Ultra SP500PairCorr
  0.84SPXL Direxion Daily SP500PairCorr
  0.83QLD ProShares Ultra QQQPairCorr
  0.84UPRO ProShares UltraPro SP500PairCorr
  0.88TECL Direxion Daily TechnologyPairCorr
  0.77GUSH Direxion Daily SPPairCorr
  0.72UYG ProShares Ultra FinaPairCorr
  0.63VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.63SPY SPDR SP 500 Sell-off TrendPairCorr
  0.63IVV iShares Core SP Sell-off TrendPairCorr
  0.66VTV Vanguard Value IndexPairCorr
  0.61VUG Vanguard Growth IndexPairCorr
  0.7IBM International Business Earnings Call This WeekPairCorr
  0.61AA Alcoa CorpPairCorr
  0.68CAT CaterpillarPairCorr
  0.61MSFT MicrosoftPairCorr
  0.65JPM JPMorgan ChasePairCorr
  0.62AXP American ExpressPairCorr

Moving against Direxion Etf

  0.7MCD McDonaldsPairCorr
  0.44KO Coca Cola Earnings Call TomorrowPairCorr
  0.37TRV The Travelers CompaniesPairCorr
  0.33PG Procter GamblePairCorr

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   
TECL
+ 0.74
TQQQ
LABU
+ 0.63
TECL
LABU
+ 0.44
TQQQ
FNGU
+ 0.23
SOXS
LABU
+ 0.06
FNGU
  
High negative correlations   
TECL
- 0.87
SOXS
SOXS
- 0.72
TQQQ
FNGU
- 0.6
TQQQ
LABU
- 0.44
SOXS
TECL
- 0.15
FNGU

Direxion Daily Constituents 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.

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