ProShares Ultra Correlations
| EET Etf | USD 49.22 0.58 1.16% |
The correlation of ProShares Ultra 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 Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra MSCI 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.
Poor diversification
The correlation between ProShares Ultra MSCI and NYA is 0.69 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra MSCI and NYA in the same portfolio, assuming nothing else is changed.
ProShares |
The ability to find closely correlated positions to ProShares Ultra 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 Ultra 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 Ultra - 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 Ultra MSCI to buy it.
Moving together with ProShares Etf
| 0.89 | SSO | ProShares Ultra SP500 | PairCorr |
| 0.89 | SPXL | Direxion Daily SP500 | PairCorr |
| 0.76 | QLD | ProShares Ultra QQQ | PairCorr |
| 0.82 | NRGU | MicroSectors Big Oil | PairCorr |
| 0.91 | UPRO | ProShares UltraPro SP500 | PairCorr |
| 0.64 | TECL | Direxion Daily Technology | PairCorr |
| 0.84 | GUSH | Direxion Daily SP | PairCorr |
| 0.77 | FNGU | MicroSectors FANG Index | PairCorr |
| 0.91 | UYG | ProShares Ultra Fina | PairCorr |
| 0.83 | DIG | ProShares Ultra Oil | PairCorr |
| 0.89 | USD | ProShares Ultra Semi | PairCorr |
| 0.86 | PXE | Invesco Dynamic Energy | PairCorr |
| 0.84 | IEO | iShares Oil Gas | PairCorr |
| 0.92 | MLPR | ETRACS Quarterly Pay | PairCorr |
| 0.87 | FCG | First Trust Natural | PairCorr |
| 0.9 | BTR | Northern Lights | PairCorr |
| 0.8 | TRV | The Travelers Companies Earnings Call This Week | PairCorr |
Moving against ProShares Etf
| 0.56 | CSCO | Cisco Systems Fiscal Quarter End 30th of April 2024 | PairCorr |
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
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ProShares Ultra Constituents Risk-Adjusted Indicators
There is a big difference between ProShares Etf performing well and ProShares Ultra 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 Ultra'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| 444859BR2 | 0.61 | 0.01 | (0.06) | 0.02 | 1.19 | 0.96 | 9.78 | |||
| MSTSX | 0.43 | 0.00 | (0.02) | 0.07 | 0.52 | 0.98 | 2.60 | |||
| LBHIX | 0.18 | (0.02) | (0.21) | (0.03) | 0.21 | 0.48 | 1.21 | |||
| ABHYX | 0.18 | 0.00 | (0.17) | 0.04 | 0.22 | 0.45 | 1.61 | |||
| SCAXF | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||
| VIASP | 1.44 | 0.29 | 0.11 | 0.56 | 2.10 | 3.60 | 13.41 | |||
| RRTLX | 0.25 | 0.00 | (0.10) | 0.06 | 0.26 | 0.51 | 1.46 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in ProShares Ultra without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Already Invested in ProShares Ultra MSCI?
The danger of trading ProShares Ultra MSCI 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 Ultra 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 Ultra. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ProShares Ultra MSCI 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.
When determining whether ProShares Ultra MSCI is a strong investment it is important to analyze ProShares Ultra's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact ProShares Ultra's future performance. For an informed investment choice regarding ProShares Etf, refer to the following important reports: Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in ProShares Ultra MSCI. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in income. Note that the ProShares Ultra MSCI information on this page should be used as a complementary analysis to other ProShares Ultra's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
The market value of ProShares Ultra MSCI is measured differently than its book value, which is the value of ProShares that is recorded on the company's balance sheet. Investors also form their own opinion of ProShares Ultra's value that differs from its market value or its book value, called intrinsic value, which is ProShares Ultra'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 ProShares Ultra's market value can be influenced by many factors that don't directly affect ProShares Ultra'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 ProShares Ultra's value and its price as these two are different measures arrived at by different means. Investors typically determine if ProShares Ultra is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares Ultra'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.