ProShares Correlations
The correlation of ProShares 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 ProShares moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares 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.
Check out World Market Map to better understand how to build diversified portfolios. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in inflation. ProShares |
The ability to find closely correlated positions to ProShares could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ProShares 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 ProShares - 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 ProShares to buy it.
Related Correlations Analysis
| 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
|
ProShares Competition Risk-Adjusted Indicators
There is a big difference between ProShares Etf performing well and ProShares 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' 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 | 1.56 | 0.01 | (0.02) | 0.11 | 2.51 | 3.21 | 14.43 | |||
| MSFT | 0.97 | (0.03) | 0.00 | (0.07) | 0.00 | 2.22 | 5.87 | |||
| UBER | 1.69 | (0.15) | 0.00 | (0.16) | 0.00 | 2.83 | 20.45 | |||
| F | 1.41 | 0.04 | (0.02) | (0.74) | 1.85 | 2.84 | 10.93 | |||
| T | 0.76 | 0.02 | (0.04) | 0.14 | 0.92 | 1.61 | 4.04 | |||
| A | 1.24 | 0.19 | 0.08 | 1.58 | 1.25 | 2.74 | 6.31 | |||
| CRM | 1.18 | (0.10) | 0.00 | (0.20) | 0.00 | 2.64 | 10.84 | |||
| JPM | 0.81 | 0.12 | 0.09 | 0.18 | 1.23 | 1.94 | 8.65 | |||
| MRK | 0.67 | 0.03 | 0.00 | 0.13 | 0.64 | 2.20 | 6.69 | |||
| XOM | 0.77 | 0.25 | 0.17 | (2.46) | 0.64 | 1.96 | 5.63 |
ProShares Related Equities
One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with ProShares etf to make a market-neutral strategy. Peer analysis of ProShares could also be used in its relative valuation, which is a method of valuing ProShares by comparing valuation metrics with similar companies.
| Risk & Return | Correlation |
Already Invested in ProShares?
The danger of trading ProShares is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of ProShares is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than ProShares. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ProShares is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
Check out World Market Map to better understand how to build diversified portfolios. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in inflation. You can also try the Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
Other Tools for ProShares Etf
When running ProShares' price analysis, check to measure ProShares' market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy ProShares is operating at the current time. Most of ProShares' value examination focuses on studying past and present price action to predict the probability of ProShares' future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move ProShares' price. Additionally, you may evaluate how the addition of ProShares to your portfolios can decrease your overall portfolio volatility.
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |