Direxion Daily Correlations

SPXL Etf

USD 132.38 4.29 3.35%

The current 90-days correlation between Direxion Daily SP500 and Direxion Daily SP is -1.0 (i.e., Pay attention - limited upside). 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 SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Almost no diversification

The correlation between Direxion Daily SP500 and DJI is 0.97 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP500 and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Direxion Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Direxion Daily SP500. 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

1.0	SSO	ProShares Ultra SP500	Pair Corr
0.96	QLD	ProShares Ultra QQQ Sell-off Trend	Pair Corr
1.0	UPRO	ProShares UltraPro SP500	Pair Corr
0.99	TECL	Direxion Daily Technology	Pair Corr
0.95	LABU	Direxion Daily SP	Pair Corr
0.91	GUSH	Direxion Daily SP Downward Rally	Pair Corr
0.96	UYG	ProShares Ultra Fina	Pair Corr
0.95	LUX	Tema ETF Trust	Pair Corr
0.99	SWP	SWP Growth Income	Pair Corr
0.86	DUKH	Ocean Park High	Pair Corr
0.96	WINN	Harbor Long Term	Pair Corr
0.85	SMI	VanEck Vectors ETF	Pair Corr

Moving against Direxion Etf

0.8	SHLD	Global X Funds	Pair Corr
0.7	FNGD	MicroSectors FANG Index	Pair Corr
0.93	SMDD	ProShares UltraPro Short	Pair Corr
0.8	BWX	SPDR Bloomberg Inter	Pair Corr
0.78	IAUM	iShares Gold Trust	Pair Corr
0.78	GLDM	SPDR Gold MiniShares	Pair Corr
0.74	SLQD	iShares 0 5	Pair Corr
0.69	SCHJ	Schwab 1 5	Pair Corr
0.63	JAGG	JPMorgan BetaBuilders	Pair Corr
0.56	MBB	iShares MBS ETF	Pair Corr
0.55	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.51	ZBIO	Zenas BioPharma, Common	Pair Corr
0.45	VCIT	Vanguard Intermediate Sell-off Trend	Pair Corr
0.88	STIP	iShares 0 5	Pair Corr
0.83	TYA	Simplify Exchange Traded Low Volatility	Pair Corr
0.79	ISHFF	iShares IV Public	Pair Corr
0.78	IAU	iShares Gold Trust	Pair Corr
0.59	IDLV	Invesco SP International	Pair Corr
0.58	SCHP	Schwab TIPS ETF	Pair Corr

Related Correlations Analysis

	SPXS	TECL	TNA	SOXL	TQQQ
SPXS		-0.9	-0.88	-0.86	-0.91	SPXS
TECL	-0.9		0.98	0.99	1.0	TECL
TNA	-0.88	0.98		0.97	0.98	TNA
SOXL	-0.86	0.99	0.97		0.98	SOXL
TQQQ	-0.91	1.0	0.98	0.98		TQQQ
	SPXS	TECL	TNA	SOXL	TQQQ

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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

TQQQ	+ 1.0	TECL
SOXL	+ 0.99	TECL
TNA	+ 0.98	TECL
TQQQ	+ 0.98	TNA
TQQQ	+ 0.98	SOXL
SOXL	+ 0.97	TNA

High negative correlations

TQQQ	- 0.91	SPXS
TECL	- 0.9	SPXS
TNA	- 0.88	SPXS
SOXL	- 0.86	SPXS

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.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SPXS	3.58	(0.13)	0.08	(0.10)	5.48	(3.92)	7.87	(6.00)	45.98
TECL	5.18	0.29	0.00	(0.07)	0.00	0.00	8.55	(12.57)	52.31
TNA	3.93	(0.21)	0.00	(0.20)	0.00	0.00	7.12	(8.92)	38.24
SOXL	6.72	0.26	0.00	(0.09)	0.00	0.00	9.48	(17.28)	79.38
TQQQ	4.44	0.23	0.00	(0.08)	0.00	0.00	7.10	(11.28)	47.54

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