Direxion Daily Correlations

SPXS Etf

USD 5.25 0.12 2.34%

The current 90-days correlation between Direxion Daily SP and Direxion Daily SP500 is 0.11 (i.e., Average diversification). The correlation of Direxion Daily 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Direxion Daily Correlation With Market

Significant diversification

The correlation between Direxion Daily SP and DJI is 0.09 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP 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 SP. 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

0.98	SH	ProShares Short SP500	Pair Corr
0.92	PSQ	ProShares Short QQQ	Pair Corr
0.91	SPXU	ProShares UltraPro Short Aggressive Push	Pair Corr
0.91	SDS	ProShares UltraShort Aggressive Push	Pair Corr
0.91	QID	ProShares UltraShort QQQ	Pair Corr
0.85	RWM	ProShares Short Russ	Pair Corr
0.91	SPDN	Direxion Daily SP	Pair Corr
0.8	DOG	ProShares Short Dow30	Pair Corr

Moving against Direxion Etf

0.92	QTOC	Innovator ETFs Trust	Pair Corr
0.91	QTJA	Innovator ETFs Trust	Pair Corr
0.91	QTAP	Innovator Growth 100	Pair Corr
0.91	XTAP	Innovator Equity Acc	Pair Corr
0.9	XTOC	Innovator ETFs Trust	Pair Corr
0.9	XTJA	Innovator ETFs Trust	Pair Corr
0.84	UPRO	ProShares UltraPro SP500 Sell-off Trend	Pair Corr
0.98	QGRW	WisdomTree Trust	Pair Corr
0.96	FMIL	Fidelity New Millennium	Pair Corr
0.96	JIRE	JP Morgan Exchange	Pair Corr
0.93	IXUS	iShares Core MSCI	Pair Corr
0.91	FRNW	Fidelity Covington Trust	Pair Corr
0.91	BUFR	First Trust Cboe	Pair Corr
0.9	BTFD	Valkyrie Bitcoin Strategy	Pair Corr
0.89	NIKL	Sprott Nickel Miners	Pair Corr
0.89	IHY	VanEck International High	Pair Corr
0.89	BRRR	Valkyrie Bitcoin	Pair Corr
0.88	DWMF	WisdomTree International	Pair Corr
0.85	GLOF	iShares MSCI Global	Pair Corr
0.82	VOLT	Tema Electrification ETF	Pair Corr
0.81	COPJ	Sprott Junior Copper	Pair Corr
0.8	NFXL	Direxion Daily NFLX	Pair Corr
0.64	PICB	Invesco International	Pair Corr
0.52	EMCG	Embrace Change Acqui	Pair Corr
0.98	NBGX	Neuberger Berman ETF	Pair Corr
0.96	XHYT	BondBloxx ETF Trust	Pair Corr
0.96	CGIE	Capital Group Intern	Pair Corr
0.95	AGEM	abrdn Emerging Markets	Pair Corr
0.95	FORH	Formidable ETF	Pair Corr
0.93	EURL	Direxion Daily FTSE	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.91	0.74	0.81	0.47	0.67	0.5	0.9	-0.17	0.13	META
MSFT	0.91		0.89	0.84	0.54	0.37	0.42	0.94	-0.47	-0.17	MSFT
UBER	0.74	0.89		0.89	0.46	0.26	0.56	0.91	-0.51	-0.19	UBER
F	0.81	0.84	0.89		0.49	0.56	0.67	0.9	-0.21	0.17	F
T	0.47	0.54	0.46	0.49		0.25	0.19	0.58	-0.17	0.13	T
A	0.67	0.37	0.26	0.56	0.25		0.58	0.47	0.55	0.7	A
CRM	0.5	0.42	0.56	0.67	0.19	0.58		0.5	0.16	0.32	CRM
JPM	0.9	0.94	0.91	0.9	0.58	0.47	0.5		-0.38	0.03	JPM
MRK	-0.17	-0.47	-0.51	-0.21	-0.17	0.55	0.16	-0.38		0.72	MRK
XOM	0.13	-0.17	-0.19	0.17	0.13	0.7	0.32	0.03	0.72		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.94	MSFT
MSFT	+ 0.91	META
JPM	+ 0.91	UBER
JPM	+ 0.9	META
JPM	+ 0.9	F
UBER	+ 0.89	MSFT

High negative correlations

MRK	- 0.51	UBER
MRK	- 0.47	MSFT
MRK	- 0.38	JPM
MRK	- 0.21	F
XOM	- 0.19	UBER
MRK	- 0.17	T

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
META	2.11	0.23	0.08	0.16	2.52	(2.36)	4.23	(4.29)	21.50
MSFT	1.23	0.32	0.20	0.33	1.19	(1.34)	2.40	(2.36)	13.79
UBER	1.90	0.22	0.09	0.18	2.28	(2.09)	4.19	(3.48)	16.18
F	1.69	0.10	0.04	0.12	2.24	(1.72)	2.90	(3.84)	13.07
T	1.15	0.06	0.03	0.22	1.77	(1.16)	2.01	(2.62)	8.83
A	1.78	(0.08)	0.00	(0.05)	0.00	0.00	2.76	(4.15)	14.45
CRM	1.58	(0.07)	0.00	1.24	0.00	0.00	3.01	(3.64)	13.13
JPM	1.32	0.24	0.11	0.23	1.95	(1.38)	2.75	(2.12)	11.14
MRK	1.62	(0.25)	0.00	(0.34)	0.00	0.00	2.55	(4.72)	10.58
XOM	1.28	0.00	0.00	0.02	2.24	(1.20)	2.62	(2.77)	10.53

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