ProShares UltraShort Correlations

PST Etf  USD 21.88  0.21  0.97%   
The current 90-days correlation between ProShares UltraShort and ProShares UltraShort 20 is 0.95 (i.e., Almost no diversification). 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

ProShares UltraShort Correlation With Market

Average diversification

The correlation between ProShares UltraShort 7 10 and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort 7 10 and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort 7 10. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with ProShares Etf

  0.99TBT ProShares UltraShortPairCorr
  0.99TMV Direxion Daily 20PairCorr
  0.99TBF ProShares Short 20PairCorr
  1.0TYO Direxion Daily 7PairCorr
  0.65USD ProShares Ultra SemiPairCorr
  0.66FNGU MicroSectors FANG IndexPairCorr
  0.71BULZ MicroSectors SolactivePairCorr
  0.74BITS Global X BlockchainPairCorr
  0.73DAPP VanEck Digital TransPairCorr
  0.83CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.63MSFT Microsoft Sell-off TrendPairCorr
  0.84BA Boeing Fiscal Year End 29th of January 2025 PairCorr
  0.8MRK Merck Company Fiscal Year End 6th of February 2025 PairCorr

Moving against ProShares Etf

  0.89JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.74WTID UBS ETRACSPairCorr
  0.72DFEN Direxion Daily AerospacePairCorr
  0.68NAIL Direxion Daily HomebPairCorr
  0.64HD Home DepotPairCorr
  0.92KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.9MCD McDonalds Sell-off TrendPairCorr
  0.89MMM 3M Company Fiscal Year End 28th of January 2025 PairCorr
  0.82PG Procter GamblePairCorr
  0.8T ATT Inc Aggressive PushPairCorr
  0.8TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.56AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.56GE GE Aerospace Fiscal Year End 28th of January 2025 PairCorr
  0.33CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr

Related Correlations Analysis

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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   
MRKF
UBERMETA
MRKMSFT
FMSFT
CRMMETA
AT
  
High negative correlations   

ProShares UltraShort Competition 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.49  0.12  0.05  0.25  1.89 
 3.93 
 11.55 
MSFT  1.01 (0.23) 0.00 (0.15) 0.00 
 1.77 
 5.06 
UBER  1.83 (0.06)(0.02) 0.05  2.14 
 5.29 
 13.81 
F  1.76 (0.39) 0.00 (0.16) 0.00 
 2.84 
 22.50 
T  0.90  0.26  0.12 (8.35) 1.03 
 2.53 
 7.97 
A  1.08  0.10  0.08  0.20  1.13 
 2.84 
 6.97 
CRM  1.27  0.00  0.02  0.11  1.32 
 2.93 
 6.43 
JPM  1.04 (0.11)(0.04) 0.02  1.82 
 2.05 
 7.98 
MRK  1.00 (0.17) 0.00  1.55  0.00 
 1.31 
 11.82 
XOM  1.16  0.03 (0.01) 0.15  1.35 
 2.10 
 5.78