ProShares Ultra Correlations

UCYB Etf

USD 60.71 1.57 2.52%

The current 90-days correlation between ProShares Ultra Nasdaq and Strategy Shares is -0.23 (i.e., Very good diversification). The correlation of ProShares Ultra 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 Ultra Correlation With Market

Poor diversification

The correlation between ProShares Ultra Nasdaq and DJI is 0.71 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Nasdaq and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with ProShares Etf

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares Ultra Nasdaq. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in manufacturing.

Moving together with ProShares Etf

0.95	SSO	ProShares Ultra SP500	Pair Corr
0.95	SPXL	Direxion Daily SP500	Pair Corr
0.94	QLD	ProShares Ultra QQQ	Pair Corr
0.81	NRGU	Bank of Montreal	Pair Corr
0.95	UPRO	ProShares UltraPro SP500	Pair Corr
0.93	TECL	Direxion Daily Technology	Pair Corr
0.65	LABU	Direxion Daily SP	Pair Corr
0.87	GUSH	Direxion Daily SP	Pair Corr
0.92	UYG	ProShares Ultra Fina	Pair Corr
0.78	OIH	VanEck Oil Services	Pair Corr
0.89	ARKW	ARK Next Generation	Pair Corr
0.91	WTMF	WisdomTree Managed	Pair Corr
0.92	EWC	iShares MSCI Canada	Pair Corr
0.95	BST	BlackRock Science Tech	Pair Corr
0.87	IRET	iREIT MarketVector	Pair Corr
0.69	GOAU	US Global GO	Pair Corr
0.94	DALI	First Trust Dorsey	Pair Corr
0.76	MSFT	Microsoft Sell-off Trend	Pair Corr
0.87	MMM	3M Company	Pair Corr
0.84	JPM	JPMorgan Chase	Pair Corr
0.87	BAC	Bank of America Aggressive Push	Pair Corr
0.89	CAT	Caterpillar	Pair Corr
0.83	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.62	HD	Home Depot	Pair Corr
0.84	AXP	American Express	Pair Corr
0.78	IBM	International Business	Pair Corr

Moving against ProShares Etf

0.62	HUM	Humana Inc	Pair Corr
0.34	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.96	0.8	0.82	0.57	0.8	0.52	0.92	-0.22	0.18	META
MSFT	0.96		0.88	0.86	0.55	0.71	0.55	0.94	-0.35	0.05	MSFT
UBER	0.8	0.88		0.92	0.5	0.63	0.71	0.91	-0.38	0.04	UBER
F	0.82	0.86	0.92		0.62	0.77	0.65	0.92	-0.19	0.29	F
T	0.57	0.55	0.5	0.62		0.7	0.22	0.64	0.28	0.43	T
A	0.8	0.71	0.63	0.77	0.7		0.38	0.81	0.22	0.6	A
CRM	0.52	0.55	0.71	0.65	0.22	0.38		0.55	-0.23	0.06	CRM
JPM	0.92	0.94	0.91	0.92	0.64	0.81	0.55		-0.22	0.25	JPM
MRK	-0.22	-0.35	-0.38	-0.19	0.28	0.22	-0.23	-0.22		0.62	MRK
XOM	0.18	0.05	0.04	0.29	0.43	0.6	0.06	0.25	0.62		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	+ 0.96	META
JPM	+ 0.94	MSFT
JPM	+ 0.92	META
F	+ 0.92	UBER
JPM	+ 0.92	F
JPM	+ 0.91	UBER

High negative correlations

MRK	- 0.38	UBER
MRK	- 0.35	MSFT
MRK	- 0.23	CRM
MRK	- 0.22	JPM
MRK	- 0.22	META
MRK	- 0.19	F

ProShares Ultra Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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	2.05	0.20	0.10	0.23	2.34	(2.39)	4.23	(3.68)	21.50
MSFT	1.19	0.30	0.21	0.42	0.97	(1.37)	2.40	(2.36)	13.79
UBER	1.99	0.36	0.10	(2.03)	2.24	(2.27)	5.87	(3.48)	16.18
F	1.72	0.27	0.06	(0.93)	2.20	(1.83)	3.24	(3.74)	13.07
T	1.15	0.05	(0.03)	1.40	1.81	(1.12)	2.36	(2.62)	8.47
A	1.78	0.08	(0.02)	(0.16)	2.45	(1.78)	2.76	(4.15)	14.46
CRM	1.56	(0.11)	(0.04)	0.01	2.23	(1.54)	3.01	(3.64)	13.13
JPM	1.28	0.24	0.06	1.85	1.98	(1.30)	2.75	(2.12)	11.14
MRK	1.58	(0.05)	0.00	0.27	0.00	0.00	3.35	(4.58)	10.58
XOM	1.39	(0.09)	0.00	(9.77)	0.00	0.00	2.62	(3.04)	10.53

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