ProShares Ultra Correlations

QLD Etf  USD 102.43  0.03  0.03%   
The current 90-days correlation between ProShares Ultra QQQ and Direxion Daily Retail is 0.48 (i.e., Very weak diversification). 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 correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

ProShares Ultra Correlation With Market

Very weak diversification

The correlation between ProShares Ultra QQQ and NYA is 0.58 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra QQQ and NYA 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 Ultra QQQ. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

Moving together with ProShares Etf

  0.98SSO ProShares Ultra SP500PairCorr
  0.97SPXL Direxion Daily SP500PairCorr
  0.97UPRO ProShares UltraPro SP500PairCorr
  0.98TECL Direxion Daily TechnologyPairCorr
  0.98FNGU MicroSectors FANG IndexPairCorr
  0.7HUM Humana Inc Financial Report 7th of August 2024 PairCorr
  1.0WINN Harbor Long TermPairCorr
  0.67SMI VanEck Vectors ETFPairCorr
  0.7BAC Bank of America Aggressive PushPairCorr
  0.61PFE Pfizer Inc Financial Report 6th of August 2024 PairCorr
  0.75T ATT Inc Earnings Call This WeekPairCorr
  0.87HPQ HP Inc Fiscal Year End 19th of November 2024 PairCorr
  0.74DD Dupont De Nemours Financial Report 7th of August 2024 PairCorr
  0.9MSFT Microsoft Aggressive PushPairCorr

Moving against ProShares Etf

  0.95FNGD MicroSectors FANG IndexPairCorr
  0.7NRGU MicroSectors Big OilPairCorr
  0.6GUSH Direxion Daily SPPairCorr
  0.64XOM Exxon Mobil Corp Financial Report 26th of July 2024 PairCorr
  0.61MCD McDonalds Financial Report 25th of July 2024 PairCorr
  0.58DIS Walt Disney Sell-off TrendPairCorr
  0.51CSCO Cisco Systems Financial Report 21st of August 2024 PairCorr
  0.47CAT Caterpillar Financial Report 6th of August 2024 PairCorr
  0.43CVX Chevron Corp Financial Report 26th of July 2024 PairCorr

Related Correlations Analysis

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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.