Ultra Nasdaq-100 Correlations

Mutual Funds . USA . 
Fund . Ultra Nasdaq 100 Profunds
UOPIX Fund  USD 96.51  0.74  0.77%   
The current 90-days correlation between Ultra Nasdaq 100 and Ultrabull Profund Investor is 0.99 (i.e., No risk reduction). The correlation of Ultra Nasdaq-100 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.

Ultra Nasdaq-100 Correlation With Market

Almost no diversification

The correlation between Ultra Nasdaq 100 Profunds and DJI is 0.93 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ultra Nasdaq 100 Profunds and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Ultra Nasdaq 100 Profunds. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with Ultra Mutual Fund

  1.0TEPIX Technology UltrasectorPairCorr
  0.99LGPIX Large Cap GrowthPairCorr
  0.96MLPSX Mid Cap ValuePairCorr
  0.96MLPIX Mid Cap ValuePairCorr
  0.66ENPSX Oil Gas UltrasectorPairCorr
  0.98INPIX Internet UltrasectorPairCorr
  0.98INPSX Internet UltrasectorPairCorr
  0.9OEPIX Oil Equipment ServicesPairCorr
  0.96SVPIX Small Cap ValuePairCorr
  0.98UMPSX Ultramid Cap ProfundPairCorr
  0.98UMPIX Ultramid Cap ProfundPairCorr
  1.0UOPSX Ultranasdaq 100 ProfundPairCorr
  0.98SGPIX Small Cap GrowthPairCorr
  0.81RDPIX Rising Dollar ProfundPairCorr
  0.78FYAIX Access Flex HighPairCorr
  0.76REPIX Real Estate UltrasectorPairCorr
  0.92BIPIX Biotechnology UltrasectorPairCorr
  0.98MDPIX Mid Cap ProfundPairCorr
  0.64UUPIX Ultraemerging MarketsPairCorr
  0.97SMPIX Semiconductor Ultrasector Steady GrowthPairCorr
  0.93SMPSX Semiconductor Ultrasector Steady GrowthPairCorr
  0.75HCPIX Health Care UltrasectorPairCorr
  0.98MGPIX Mid Cap GrowthPairCorr
  0.93FNPIX Financials UltrasectorPairCorr
  0.66SPPIX Short Precious Metals Potential GrowthPairCorr
  1.0RYVYX Nasdaq 100 2xPairCorr
  1.0RYVLX Nasdaq 100 2xPairCorr
  1.0RYCCX Nasdaq 100 2xPairCorr
  1.0RMQHX Monthly RebalancePairCorr

Moving against Ultra Mutual Fund

  0.98SHPSX Short Small CapPairCorr
  0.97UIPIX Ultrashort Mid CapPairCorr
  0.91USPIX Profunds UltrashortPairCorr
  0.91USPSX Profunds UltrashortPairCorr
  0.88UKPIX Ultrashort Japan ProfundPairCorr
  0.73SRPIX Short Real EstatePairCorr
  0.97UCPIX Ultrashort Small CapPairCorr
  0.64SNPIX Short Oil GasPairCorr

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   
UMPIX
+ 1.0
UAPIX
UMPIX
+ 0.99
ULPIX
UAPIX
+ 0.98
ULPIX
INPIX
+ 0.97
ULPIX
INPIX
+ 0.97
UAPIX
INPIX
+ 0.96
UMPIX
  
High negative correlations   
INPIX
- 0.92
USPIX
USPIX
- 0.89
ULPIX
UMPIX
- 0.86
USPIX
UAPIX
- 0.84
USPIX

Risk-Adjusted Indicators

There is a big difference between Ultra Mutual Fund performing well and Ultra Nasdaq-100 Mutual Fund 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 Ultra Nasdaq-100'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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