Correlation Analysis Between ProShares Ultra and SPTSX Comp

This module allows you to analyze existing cross correlation between ProShares Ultra Gold Miners ETF and SPTSX Comp. You can compare the effects of market volatilities on ProShares Ultra and SPTSX Comp and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in ProShares Ultra with a short position of SPTSX Comp. See also your portfolio center. Please also check ongoing floating volatility patterns of ProShares Ultra and SPTSX Comp.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

ProShares Ultra Gold Miners ET  vs.  SPTSX Comp

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, ProShares Ultra Gold Miners ETF is expected to generate 8.08 times more return on investment than SPTSX Comp. However, ProShares Ultra is 8.08 times more volatile than SPTSX Comp. It trades about 0.21 of its potential returns per unit of risk. SPTSX Comp is currently generating about -0.1 per unit of risk. If you would invest  3,892  in ProShares Ultra Gold Miners ETF on July 19, 2019 and sell it today you would earn a total of  1,524  from holding ProShares Ultra Gold Miners ETF or generate 39.16% return on investment over 30 days.

Pair Corralation between ProShares Ultra and SPTSX Comp

-0.51
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy95.45%
ValuesDaily Returns

Diversification Opportunities for ProShares Ultra and SPTSX Comp

ProShares Ultra Gold Miners ET diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Gold Miners ET and SPTSX Comp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SPTSX Comp and ProShares Ultra is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on ProShares Ultra Gold Miners ETF are associated (or correlated) with SPTSX Comp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPTSX Comp has no effect on the direction of ProShares Ultra i.e. ProShares Ultra and SPTSX Comp go up and down completely randomly.
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