Correlation Analysis Between ProShares UltraShort and ProShares Short

This module allows you to analyze existing cross correlation between ProShares UltraShort Utilities and ProShares Short SP500. You can compare the effects of market volatilities on ProShares UltraShort and ProShares Short and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in ProShares UltraShort with a short position of ProShares Short. See also your portfolio center. Please also check ongoing floating volatility patterns of ProShares UltraShort and ProShares Short.
Horizon     30 Days    Login   to change
Compare Efficiency

Comparative Performance

ProShares UltraShort  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ProShares UltraShort Utilities are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
ProShares Short SP500  

Risk-Adjusted Performance

Over the last 30 days ProShares Short SP500 has generated negative risk-adjusted returns adding no value to investors with long positions.

ProShares UltraShort and ProShares Short Volatility Contrast

 Predicted Return Density 

ProShares UltraShort Utilities  vs.  ProShares Short SP500

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, ProShares UltraShort Utilities is expected to generate 1.43 times more return on investment than ProShares Short. However, ProShares UltraShort is 1.43 times more volatile than ProShares Short SP500. It trades about 0.03 of its potential returns per unit of risk. ProShares Short SP500 is currently generating about 0.01 per unit of risk. If you would invest  2,194  in ProShares UltraShort Utilities on December 24, 2018 and sell it today you would earn a total of  40.37  from holding ProShares UltraShort Utilities or generate 1.84% return on investment over 30 days.

Pair Corralation between ProShares UltraShort and ProShares Short

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for ProShares UltraShort and ProShares Short

ProShares UltraShort Utilities diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Utilities and ProShares Short SP500 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ProShares Short SP500 and ProShares UltraShort is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ProShares UltraShort Utilities are associated (or correlated) with ProShares Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Short SP500 has no effect on the direction of ProShares UltraShort i.e. ProShares UltraShort and ProShares Short go up and down completely randomly.

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