ProShares UltraShort Correlations
| EEV Etf | USD 17.73 0.31 1.78% |
The correlation of ProShares UltraShort 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 UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort 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.
Good diversification
The correlation between ProShares UltraShort MSCI and NYA is -0.15 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort MSCI and NYA in the same portfolio, assuming nothing else is changed.
ProShares |
The ability to find closely correlated positions to ProShares UltraShort 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 UltraShort 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 UltraShort - 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 UltraShort MSCI to buy it.
Moving together with ProShares Etf
| 0.62 | SH | ProShares Short SP500 | PairCorr |
| 0.73 | SPXU | ProShares UltraPro Short | PairCorr |
| 0.66 | SDS | ProShares UltraShort | PairCorr |
| 0.69 | SPXS | Direxion Daily SP Aggressive Push | PairCorr |
| 0.64 | QID | ProShares UltraShort QQQ | PairCorr |
| 0.61 | SPDN | Direxion Daily SP | PairCorr |
| 0.61 | TAIL | Cambria Tail Risk | PairCorr |
Moving against ProShares Etf
| 0.81 | WIW | Western Asset Claymore | PairCorr |
| 0.78 | VTI | Vanguard Total Stock | PairCorr |
| 0.77 | PSP | Invesco Global Listed | PairCorr |
| 0.74 | DLN | WisdomTree LargeCap | PairCorr |
| 0.74 | WIA | Western AssetClaymore | PairCorr |
| 0.53 | CEF | Sprott Physical Gold | PairCorr |
| 0.75 | PFE | Pfizer Inc Financial Report 6th of August 2024 | PairCorr |
Related Correlations Analysis
| 0.69 | -0.81 | 0.05 | 0.37 | CTA | ||
| 0.69 | -0.95 | -0.51 | -0.31 | PFIX | ||
| -0.81 | -0.95 | 0.39 | 0.17 | TYA | ||
| 0.05 | -0.51 | 0.39 | 0.76 | SPD | ||
| 0.37 | -0.31 | 0.17 | 0.76 | SVOL | ||
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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 UltraShort Constituents Risk-Adjusted Indicators
There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 UltraShort'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CTA | 0.67 | 0.17 | 0.17 | (1.01) | 0.42 | 1.59 | 4.29 | |||
| PFIX | 1.80 | 0.04 | 0.00 | 0.02 | 0.00 | 4.54 | 10.52 | |||
| TYA | 0.85 | (0.08) | 0.00 | (0.07) | 0.00 | 1.43 | 5.07 | |||
| SPD | 0.54 | 0.03 | 0.03 | 0.08 | 0.52 | 1.07 | 3.42 | |||
| SVOL | 0.35 | 0.04 | 0.02 | 0.12 | 0.41 | 0.74 | 2.84 |
Be your own money manager
Our tools can tell you how much better you can do entering a position in ProShares UltraShort 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 UltraShort MSCI?
The danger of trading ProShares UltraShort 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 UltraShort 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 UltraShort. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ProShares UltraShort 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 UltraShort MSCI is a strong investment it is important to analyze ProShares UltraShort'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 UltraShort'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 UltraShort 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 UltraShort MSCI information on this page should be used as a complementary analysis to other ProShares UltraShort'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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
The market value of ProShares UltraShort 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 UltraShort's value that differs from its market value or its book value, called intrinsic value, which is ProShares UltraShort'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 UltraShort's market value can be influenced by many factors that don't directly affect ProShares UltraShort'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 UltraShort's value and its price as these two are different measures arrived at by different means. Investors typically determine if ProShares UltraShort is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares UltraShort'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.