Direxion Daily Correlations
| NUGT Etf | USD 40.23 1.33 3.42% |
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 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 Gold moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Very weak diversification
The correlation between Direxion Daily Gold and NYA is 0.4 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Gold and NYA in the same portfolio, assuming nothing else is changed.
Direxion |
The ability to find closely correlated positions to Direxion Daily could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Direxion Daily when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Direxion Daily - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Direxion Daily Gold to buy it.
Moving against Direxion Etf
| 0.8 | IBM | International Business Financial Report 17th of July 2024 | PairCorr |
| 0.67 | LABU | Direxion Daily SP | PairCorr |
| 0.45 | WTID | UBS ETRACS | PairCorr |
| 0.85 | INTC | Intel Financial Report 25th of July 2024 | PairCorr |
| 0.82 | HD | Home Depot | PairCorr |
| 0.79 | MCD | McDonalds Financial Report 25th of July 2024 | PairCorr |
Related Correlations Analysis
| -0.98 | 0.99 | -0.99 | 0.42 | DUST | ||
| -0.98 | -0.98 | 0.99 | -0.45 | JNUG | ||
| 0.99 | -0.98 | -0.98 | 0.43 | JDST | ||
| -0.99 | 0.99 | -0.98 | -0.43 | GDX | ||
| 0.42 | -0.45 | 0.43 | -0.43 | UVXY | ||
| Click cells to compare fundamentals | Check Volatility | Backtest Portfolio |
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
| High negative correlations
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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.| Mean Deviation | Jensen Alpha | Sortino Ratio | Treynor Ratio | Semi Deviation | Expected Shortfall | Potential Upside | Value @Risk | Maximum Drawdown | ||
|---|---|---|---|---|---|---|---|---|---|---|
| DUST | 3.00 | (0.55) | 0.00 | 0.24 | 0.00 | 6.94 | 16.23 | |||
| JNUG | 3.35 | 0.69 | 0.16 | 0.27 | 3.94 | 7.57 | 19.49 | |||
| JDST | 3.34 | (0.66) | 0.00 | 0.21 | 0.00 | 8.00 | 19.32 | |||
| GDX | 1.54 | 0.28 | 0.14 | 0.24 | 1.79 | 3.51 | 8.85 | |||
| UVXY | 12.58 | 4.69 | 0.34 | (0.49) | 10.74 | 6.37 | 414.89 |
Additional Information and Resources on Investing in Direxion Etf
When determining whether Direxion Daily Gold is a good investment, qualitative aspects like company management, corporate governance, and ethical practices play a significant role. A comparison with peer companies also provides context and helps to understand if Direxion Etf is undervalued or overvalued. This multi-faceted approach, blending both quantitative and qualitative analysis, forms a solid foundation for making an informed investment decision about Direxion Daily Gold Etf. Highlighted below are key reports to facilitate an investment decision about Direxion Daily Gold Etf:Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily Gold. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in price. You can also try the Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
The market value of Direxion Daily Gold is measured differently than its book value, which is the value of Direxion that is recorded on the company's balance sheet. Investors also form their own opinion of Direxion Daily's value that differs from its market value or its book value, called intrinsic value, which is Direxion Daily's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Direxion Daily's market value can be influenced by many factors that don't directly affect Direxion Daily's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Direxion Daily's value and its price as these two are different measures arrived at by different means. Investors typically determine if Direxion Daily is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Direxion Daily's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.