Direxion Daily Correlations

TECL Etf  USD 89.06  4.36  4.67%   
The current 90-days correlation between Direxion Daily Technology and Direxion Daily Semiconductor is 0.07 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily Technology moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Modest diversification

The correlation between Direxion Daily Technology and DJI is 0.21 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily Technology 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 Technology. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Direxion Etf

  0.86SSO ProShares Ultra SP500PairCorr
  0.86SPXL Direxion Daily SP500PairCorr
  0.99QLD ProShares Ultra QQQPairCorr
  0.86UPRO ProShares UltraPro SP500PairCorr
  0.97FNGU MicroSectors FANG IndexPairCorr
  0.91ITDD Ishares Lifepath TargetPairCorr
  0.89WGMI Valkyrie Bitcoin MinersPairCorr
  0.98MPAY Akros Monthly PayoutPairCorr
  0.61VZ Verizon Communications Earnings Call This WeekPairCorr
  0.75HPQ HP Inc Fiscal Year End 19th of November 2024 PairCorr
  0.72T ATT Inc Earnings Call This WeekPairCorr
  0.64BAC Bank of America Aggressive PushPairCorr
  0.93MSFT Microsoft Financial Report 23rd of July 2024 PairCorr
  0.61MMM 3M Company Earnings Call This WeekPairCorr

Moving against Direxion Etf

  0.76GUSH Direxion Daily SPPairCorr
  0.76FXY Invesco CurrencySharesPairCorr
  0.8MCD McDonalds Financial Report 25th of July 2024 PairCorr
  0.75DIS Walt Disney Financial Report 14th of August 2024 PairCorr
  0.6XOM Exxon Mobil Corp Aggressive PushPairCorr
  0.48TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr
  0.44CAT Caterpillar Financial Report 6th of August 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   
SPXLSOXL
LABUSPXL
LABUSOXL
NAILTECS
NAILLABU
  
High negative correlations   
TECSSPXL
TECSSOXL
LABUTECS
NAILSOXL
NAILSPXL

Direxion Daily Constituents 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.