Direxion Daily Correlations

TYO Etf  USD 14.51  0.30  2.11%   
The current 90-days correlation between Direxion Daily 7 and Direxion Daily 20 is 0.93 (i.e., Almost no 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 7 10 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 7 10 and DJI is 0.24 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily 7 10 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 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 manufacturing.

Moving together with Direxion Etf

  0.99TBT ProShares UltraShortPairCorr
  0.99TMV Direxion Daily 20PairCorr
  0.98TBF ProShares Short 20PairCorr
  1.0PST ProShares UltraShortPairCorr
  0.81GBTC Grayscale Bitcoin TrustPairCorr
  0.79USD ProShares Ultra SemiPairCorr
  0.67TECL Direxion Daily TechnologyPairCorr
  0.69ROM ProShares Ultra TechPairCorr
  0.74QLD ProShares Ultra QQQPairCorr
  0.67SMH VanEck Semiconductor ETFPairCorr
  0.72SPXL Direxion Daily SP500PairCorr
  0.91FBGX UBSPairCorr
  0.72UPRO ProShares UltraPro SP500PairCorr
  0.81EZBC Franklin Bitcoin ETF Low VolatilityPairCorr
  0.81BTC Grayscale Bitcoin MiniPairCorr
  0.8AAA Listed Funds TrustPairCorr
  0.67INTC Intel Fiscal Year End 23rd of January 2025 PairCorr
  0.82JPM JPMorgan Chase Fiscal Year End 10th of January 2025 PairCorr
  0.81AA Alcoa Corp Fiscal Year End 15th of January 2025 PairCorr
  0.67CAT Caterpillar Fiscal Year End 3rd of February 2025 PairCorr
  0.7AXP American Express Fiscal Year End 24th of January 2025 PairCorr
  0.84CVX Chevron Corp Fiscal Year End 7th of February 2025 PairCorr
  0.61TRV The Travelers Companies Fiscal Year End 17th of January 2025 PairCorr

Moving against Direxion Etf

  0.85KO Coca Cola Fiscal Year End 11th of February 2025 PairCorr
  0.63PFE Pfizer Inc Fiscal Year End 4th of February 2025 PairCorr
  0.56JNJ Johnson Johnson Fiscal Year End 28th of January 2025 PairCorr
  0.46BA Boeing Fiscal Year End 29th of January 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   
CRMMETA
JPMCRM
TMETA
XOMMETA
UBERMETA
CRMT
  
High negative correlations   
MRKCRM
MRKJPM
MRKMETA
MRKT
XOMMRK
JPMA

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  1.07  0.08  0.02  0.28  1.23 
 2.62 
 8.02 
MSFT  0.90 (0.06)(0.07) 0.08  1.42 
 2.08 
 8.19 
UBER  1.58 (0.12)(0.04) 0.06  2.04 
 2.97 
 20.10 
F  1.40 (0.04) 0.02  0.13  2.19 
 2.77 
 11.72 
T  0.92  0.23  0.05 (3.53) 1.02 
 2.56 
 6.47 
A  1.03 (0.09) 0.00 (0.04) 0.00 
 2.11 
 9.02 
CRM  1.23  0.30  0.29  0.43  0.65 
 3.18 
 7.07 
JPM  1.08 (0.05) 0.05  0.13  1.42 
 2.05 
 15.87 
MRK  0.83 (0.23) 0.00 (1.62) 0.00 
 1.68 
 4.89 
XOM  1.04 (0.05)(0.09) 0.05  1.41 
 2.14 
 5.78