Direxion Daily Correlations

TMF Etf

USD 36.40 0.93 2.62%

The current 90-days correlation between Direxion Daily 20 and Direxion Daily 20 is -1.0 (i.e., Pay attention - limited upside). 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.

Direxion Daily Correlation With Market

Weak diversification

The correlation between Direxion Daily 20 and DJI is 0.33 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily 20 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 20. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Direxion Etf

0.88	TYD	Direxion Daily 7	Pair Corr
0.79	UST	ProShares Ultra 7	Pair Corr

Moving against Direxion Etf

0.64	BTCL	T Rex 2X	Pair Corr
0.64	BITU	ProShares Trust	Pair Corr
0.64	BITX	Volatility Shares Trust	Pair Corr
0.63	BTFX	Valkyrie Bitcoin Futures	Pair Corr
0.49	DFEN	Direxion Daily Aerospace	Pair Corr
0.47	QQQI	NEOS Nasdaq 100	Pair Corr
0.46	XSD	SPDR SP Semiconductor	Pair Corr
0.46	FQAL	Fidelity Quality Factor	Pair Corr
0.45	EWG	iShares MSCI Germany	Pair Corr
0.45	FMDE	Fidelity Covington Trust	Pair Corr
0.45	XAR	SPDR SP Aerospace	Pair Corr
0.44	INRO	BlackRock Industry	Pair Corr
0.44	PAUG	Innovator Equity Power	Pair Corr
0.44	VXUS	Vanguard Total Inter	Pair Corr
0.44	TBLU	Tortoise Capital Series Symbol Change	Pair Corr
0.44	MINT	PIMCO Enhanced Short	Pair Corr
0.43	PXF	Invesco FTSE RAFI	Pair Corr
0.42	EWA	iShares MSCI Australia	Pair Corr
0.38	MSTY	YieldMax MSTR Option	Pair Corr
0.38	CAMX	Cambiar Aggressive Value	Pair Corr
0.37	MEAR	iShares Short Maturity	Pair Corr
0.36	FJP	First Trust Japan	Pair Corr
0.58	BPI	Grayscale Funds Trust	Pair Corr
0.55	FTXR	First Trust Nasdaq	Pair Corr
0.49	WCLD	WisdomTree Cloud Com	Pair Corr
0.47	AVMV	American Century ETF	Pair Corr
0.46	NVDY	Tidal Trust II	Pair Corr
0.45	PLTY	Tidal Trust II	Pair Corr
0.45	JIVE	JPMorgan International	Pair Corr
0.45	XLG	Invesco SP 500	Pair Corr
0.44	WBIF	WBI BullBear Value	Pair Corr
0.44	ESIX	SPDR SP SmallCap	Pair Corr
0.44	VOO	Vanguard SP 500	Pair Corr
0.44	SPXL	Direxion Daily SP500	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.98	0.84	0.82	0.55	0.93	0.29	0.94	0.23	0.56	META
MSFT	0.98		0.87	0.85	0.52	0.89	0.29	0.96	0.24	0.55	MSFT
UBER	0.84	0.87		0.9	0.42	0.81	0.54	0.88	0.21	0.5	UBER
F	0.82	0.85	0.9		0.4	0.84	0.28	0.91	0.43	0.72	F
T	0.55	0.52	0.42	0.4		0.57	0.17	0.5	0.27	0.22	T
A	0.93	0.89	0.81	0.84	0.57		0.24	0.89	0.37	0.67	A
CRM	0.29	0.29	0.54	0.28	0.17	0.24		0.23	-0.26	-0.11	CRM
JPM	0.94	0.96	0.88	0.91	0.5	0.89	0.23		0.32	0.64	JPM
MRK	0.23	0.24	0.21	0.43	0.27	0.37	-0.26	0.32		0.55	MRK
XOM	0.56	0.55	0.5	0.72	0.22	0.67	-0.11	0.64	0.55		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

MSFT	+ 0.98	META
JPM	+ 0.96	MSFT
JPM	+ 0.94	META
A	+ 0.93	META
JPM	+ 0.91	F
F	+ 0.9	UBER

High negative correlations

MRK	- 0.26	CRM
XOM	- 0.11	CRM

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	1.51	0.26	0.21	0.32	1.10	(1.82)	3.99	(2.35)	10.48
MSFT	0.90	0.30	0.27	0.47	0.54	(1.09)	2.33	(1.08)	8.85
UBER	1.64	0.20	0.13	0.33	1.40	(2.08)	4.19	(2.54)	10.87
F	1.32	0.14	0.06	0.32	1.47	(1.42)	2.69	(2.61)	7.46
T	1.02	(0.05)	(0.10)	0.00	1.35	(1.06)	2.35	(2.35)	5.71
A	1.46	(0.07)	0.00	0.09	1.81	(1.51)	2.54	(2.89)	14.01
CRM	1.33	(0.13)	(0.04)	0.04	1.74	(1.28)	2.95	(3.19)	9.31
JPM	0.90	0.22	0.18	0.38	0.67	(1.02)	2.25	(1.36)	6.03
MRK	1.39	(0.09)	(0.05)	0.04	1.96	(1.32)	2.88	(3.31)	10.58
XOM	1.13	0.05	(0.04)	0.41	1.36	(1.15)	2.40	(2.58)	5.84

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