ProShares UltraPro Correlations

UPRO Etf  USD 71.21  1.39  1.99%   
The correlation of ProShares UltraPro 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraPro moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraPro SP500 moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Very poor diversification

The correlation between ProShares UltraPro SP500 and NYA is 0.86 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraPro SP500 and NYA 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 ProShares UltraPro SP500. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in metropolitan statistical area.
  
The ability to find closely correlated positions to ProShares UltraPro could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace ProShares UltraPro when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back ProShares UltraPro - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling ProShares UltraPro SP500 to buy it.

Moving together with ProShares Etf

  0.98SSO ProShares Ultra SP500PairCorr
  0.98SPXL Direxion Daily SP500PairCorr
  0.9QLD ProShares Ultra QQQPairCorr
  0.84TECL Direxion Daily TechnologyPairCorr
  0.82FNGU MicroSectors FANG IndexPairCorr
  0.83UYG ProShares Ultra FinaPairCorr
  0.84USD ProShares Ultra SemiPairCorr
  0.83FNGO MicroSectors FANG IndexPairCorr
  0.86SMH VanEck Semiconductor ETFPairCorr
  0.87ROM ProShares Ultra TechPairCorr
  0.84SOXX iShares Semiconductor ETFPairCorr
  0.72JPM JPMorgan Chase Financial Report 12th 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   
RPNCXFRASX
RPNCXSEIC
FRASXSEIC
CHFLFBAYAU
FRASXRBBN
FRASXCHFLF
  
High negative correlations   
BRACRSEIC
AQSTRBBN
AQSTCHFLF
AQSTBRACR
RPNCXBRACR
RPNCXMCVT

ProShares UltraPro Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraPro 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 UltraPro'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
BAYAU  0.48  0.15  0.10  1.61  0.27 
 0.49 
 10.69 
CHFLF  1.49  0.30  0.00  8.74  0.00 
 5.88 
 20.80 
SEIC  0.60 (0.02)(0.02) 0.02  0.83 
 1.34 
 4.74 
JHMXX  0.00  0.00  0.00  0.00  0.00 
 0.00 
 0.00 
MCVT  3.01  0.02 (0.01) 0.00  3.90 
 8.00 
 21.82 
RBBN  2.02  0.00  0.00  0.04  2.07 
 3.89 
 29.85 
FRASX  0.24  0.01 (0.04) 0.05  0.26 
 0.46 
 1.40 
BRACR  8.53  0.85  0.03 (0.07) 10.14 
 25.00 
 62.75 
AQST  5.00  0.37  0.07  0.21  5.55 
 14.80 
 35.59 
RPNCX  0.95 (0.01) 0.01  0.03  1.22 
 1.72 
 5.10 

Be your own money manager

Our tools can tell you how much better you can do entering a position in ProShares UltraPro without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Already Invested in ProShares UltraPro SP500?

The danger of trading ProShares UltraPro SP500 is mainly related to its market volatility and ETF specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of ProShares UltraPro is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than ProShares UltraPro. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ProShares UltraPro SP500 is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether ProShares UltraPro SP500 offers a strong return on investment in its stock, a comprehensive analysis is essential. The process typically begins with a thorough review of ProShares UltraPro's financial statements, including income statements, balance sheets, and cash flow statements, to assess its financial health. Key financial ratios are used to gauge profitability, efficiency, and growth potential of Proshares Ultrapro Sp500 Etf. Outlined below are crucial reports that will aid in making a well-informed decision on Proshares Ultrapro Sp500 Etf:
Check out World Market Map to better understand how to build diversified portfolios, which includes a position in ProShares UltraPro SP500. Also, note that the market value of any etf could be tightly coupled with the direction of predictive economic indicators such as signals in metropolitan statistical area.
You can also try the Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
The market value of ProShares UltraPro SP500 is measured differently than its book value, which is the value of ProShares that is recorded on the company's balance sheet. Investors also form their own opinion of ProShares UltraPro's value that differs from its market value or its book value, called intrinsic value, which is ProShares UltraPro's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because ProShares UltraPro's market value can be influenced by many factors that don't directly affect ProShares UltraPro's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between ProShares UltraPro's value and its price as these two are different measures arrived at by different means. Investors typically determine if ProShares UltraPro is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares UltraPro's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.