Direxion Daily Correlations

Etfs . USA . 
Etf . Direxion Daily Dow
WEBL Etf  USD 29.50  0.23  0.79%   
The current 90-days correlation between Direxion Daily Dow and Direxion Daily SP is 0.84 (i.e., Very poor diversification). 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 Dow moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Poor diversification

The correlation between Direxion Daily Dow and DJI is 0.77 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Dow and DJI in the same portfolio, assuming nothing else is changed.
  
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Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Direxion Daily Dow. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Direxion Etf

  0.99SSO ProShares Ultra SP500PairCorr
  0.99SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.83NRGU Bank of MontrealPairCorr
  0.99UPRO ProShares UltraPro SP500PairCorr
  0.97TECL Direxion Daily TechnologyPairCorr
  0.63LABU Direxion Daily SPPairCorr
  0.87GUSH Direxion Daily SPPairCorr
  0.96UYG ProShares Ultra FinaPairCorr
  0.99VTI Vanguard Total Stock Sell-off TrendPairCorr
  0.99SPY SPDR SP 500 Sell-off TrendPairCorr
  0.99IVV iShares Core SP Sell-off TrendPairCorr
  0.96VTV Vanguard Value IndexPairCorr
  0.99VUG Vanguard Growth IndexPairCorr
  0.99VO Vanguard Mid CapPairCorr
  0.97VEA Vanguard FTSE DevelopedPairCorr
  0.98VB Vanguard Small CapPairCorr
  0.98VWO Vanguard FTSE Emerging Sell-off TrendPairCorr
  0.92IBM International Business Earnings Call This WeekPairCorr
  0.9MMM 3M CompanyPairCorr
  0.98BAC Bank of AmericaPairCorr
  0.96GE GE Aerospace Earnings Call This WeekPairCorr
  0.91AA Alcoa CorpPairCorr
  0.84PFE Pfizer IncPairCorr
  0.95CAT CaterpillarPairCorr
  0.97DIS Walt DisneyPairCorr
  0.98MSFT MicrosoftPairCorr
  0.96JPM JPMorgan ChasePairCorr
  0.97AXP American ExpressPairCorr

Moving against Direxion Etf

  0.66FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.65MCD McDonaldsPairCorr
  0.56KO Coca Cola Earnings Call This WeekPairCorr
  0.48PG Procter GamblePairCorr
  0.33VZ Verizon Communications Earnings Call TomorrowPairCorr

Related Correlations Analysis

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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.

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