Correlation Analysis Between ProShares UltraShort and ProShares Short

This module allows you to analyze existing cross correlation between ProShares UltraShort Utilities and ProShares Short Dow30. You can compare the effects of market volatilities on ProShares UltraShort and ProShares Short 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 UltraShort with a short position of ProShares Short. See also your portfolio center. Please also check ongoing floating volatility patterns of ProShares UltraShort and ProShares Short.
Horizon     30 Days    Login   to change
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Comparative Performance

ProShares UltraShort  
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Risk-Adjusted Performance

Over the last 30 days ProShares UltraShort Utilities has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite latest fragile performance, the Etf's forward-looking indicators remain unfluctuating and the recent disarray on Wall Street may also be a sign of long period gains for the ETF insiders.
ProShares Short Dow30  
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Risk-Adjusted Performance

Over the last 30 days ProShares Short Dow30 has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, ProShares Short is not utilizing all of its potentials. The prevalent stock price tumult, may contribute to shorter-term losses for the shareholders.

ProShares UltraShort and ProShares Short Volatility Contrast

 Predicted Return Density 
      Returns 

ProShares UltraShort Utilities  vs.  ProShares Short Dow30

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, ProShares UltraShort Utilities is expected to under-perform the ProShares Short. In addition to that, ProShares UltraShort is 1.36 times more volatile than ProShares Short Dow30. It trades about -0.11 of its total potential returns per unit of risk. ProShares Short Dow30 is currently generating about 0.0 per unit of volatility. If you would invest  5,240  in ProShares Short Dow30 on September 17, 2019 and sell it today you would lose (13.00)  from holding ProShares Short Dow30 or give up 0.25% of portfolio value over 30 days.

Pair Corralation between ProShares UltraShort and ProShares Short

0.25
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy98.44%
ValuesDaily Returns

Diversification Opportunities for ProShares UltraShort and ProShares Short

ProShares UltraShort Utilities diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Utilities and ProShares Short Dow30 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ProShares Short Dow30 and ProShares UltraShort 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 UltraShort Utilities are associated (or correlated) with ProShares Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ProShares Short Dow30 has no effect on the direction of ProShares UltraShort i.e. ProShares UltraShort and ProShares Short go up and down completely randomly.
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