Direxion Daily Correlations

SOXS Etf  USD 24.70  2.08  9.20%   
The current 90-days correlation between Direxion Daily Semic and Direxion Daily Semiconductor is -1.0 (i.e., Pay attention - limited upside). The correlation of Direxion Daily 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.

Direxion Daily Correlation With Market

Good diversification

The correlation between Direxion Daily Semiconductor and DJI is -0.1 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Semiconductor and DJI in the same portfolio, assuming nothing else is changed.
  
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Direxion Daily Semiconductor. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with Direxion Etf

  0.96SH ProShares Short SP500 Aggressive PushPairCorr
  0.97PSQ ProShares Short QQQPairCorr
  0.96SPXU ProShares UltraPro ShortPairCorr
  0.96SDS ProShares UltraShortPairCorr
  0.96SPXS Direxion Daily SP Aggressive PushPairCorr
  0.98QID ProShares UltraShort QQQPairCorr
  0.96SPDN Direxion Daily SPPairCorr
  0.69XOM Exxon Mobil Corp Aggressive PushPairCorr
  0.9DIS Walt Disney Financial Report 14th of August 2024 PairCorr
  0.85MCD McDonalds Financial Report 25th of July 2024 PairCorr

Moving against Direxion Etf

  0.96VUG Vanguard Growth IndexPairCorr
  0.95SPY SPDR SP 500PairCorr
  0.95IVV iShares Core SPPairCorr
  0.94VTI Vanguard Total StockPairCorr
  0.89BND Vanguard Total BondPairCorr
  0.73VEA Vanguard FTSE DevelopedPairCorr
  0.71VTV Vanguard Value IndexPairCorr
  0.6VO Vanguard Mid CapPairCorr
  0.43VB Vanguard Small CapPairCorr
  0.92WMT Walmart Sell-off TrendPairCorr
  0.91HPQ HP Inc Fiscal Year End 19th of November 2024 PairCorr
  0.84T ATT Inc Earnings Call This WeekPairCorr
  0.82MMM 3M Company Earnings Call This WeekPairCorr
  0.81DD Dupont De Nemours Financial Report 7th of August 2024 PairCorr
  0.79BAC Bank of America Aggressive PushPairCorr
  0.72KO Coca Cola Earnings Call This WeekPairCorr
  0.7JPM JPMorgan Chase Sell-off TrendPairCorr
  0.65PFE Pfizer Inc Aggressive PushPairCorr
  0.65PG Procter Gamble Financial Report 26th of July 2024 PairCorr
  0.62BA Boeing Financial Report 24th of July 2024 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   
JPMT
TMSFT
MSFTMETA
CRMA
JPMF
XOMCRM
  
High negative correlations   
AUBER
XOMMSFT
CRMT
AMETA
XOMMETA
AT

Direxion Daily Competition Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily 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 Direxion Daily'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  1.52 (0.09) 0.00 (0.11) 0.00 
 3.00 
 13.55 
MSFT  0.93  0.01 (0.01) 0.11  1.31 
 1.91 
 5.60 
UBER  1.72 (0.17) 0.00 (0.30) 0.00 
 3.33 
 13.79 
F  1.26  0.14  0.09  0.21  1.50 
 3.06 
 10.93 
T  0.81  0.24  0.22  0.59  0.45 
 1.95 
 4.82 
A  1.28 (0.17) 0.00 (0.03) 0.00 
 2.95 
 13.61 
CRM  1.50 (0.29) 0.00 (0.07) 0.00 
 3.88 
 23.62 
JPM  0.98  0.15  0.11  0.26  1.09 
 2.02 
 7.01 
MRK  0.85  0.00 (0.06) 0.10  1.23 
 2.30 
 7.57 
XOM  0.92 (0.10) 0.00 (0.03) 0.00 
 1.98 
 5.27