Correlation Between ProShares Ultra and AKSHARCHEM

By analyzing existing cross correlation between ProShares Ultra Bloomberg and AKSHARCHEM LTD, you can compare the effects of market volatilities on ProShares Ultra and AKSHARCHEM 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 AKSHARCHEM. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Ultra and AKSHARCHEM.

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Can any of the company-specific risk be diversified away by investing in both ProShares Ultra and AKSHARCHEM at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining ProShares Ultra and AKSHARCHEM into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for ProShares Ultra and AKSHARCHEM

  Correlation Coefficient
ProShares Ultra Bloo

Pay attention - limited upside

The 3 months correlation between ProShares and AKSHARCHEM is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Ultra Bloomberg Crud and AKSHARCHEM LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on AKSHARCHEM LTD 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 Bloomberg are associated (or correlated) with AKSHARCHEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AKSHARCHEM LTD has no effect on the direction of ProShares Ultra i.e. ProShares Ultra and AKSHARCHEM go up and down completely randomly.

Pair Corralation between ProShares Ultra and AKSHARCHEM

If you would invest (100.00)  in AKSHARCHEM LTD on June 7, 2020 and sell it today you would earn a total of  100.00  from holding AKSHARCHEM LTD or generate -100.0% return on investment over 30 days.
Time Period3 Months [change]
ValuesDaily Returns

ProShares Ultra Bloomberg Crud  vs.  AKSHARCHEM LTD

 Performance (%) 
ProShares Ultra Bloo 

ProShares Ultra Risk-Adjusted Performance

Over the last 30 days ProShares Ultra Bloomberg has generated negative risk-adjusted returns adding no value to investors with long positions. Although unsteady performance in the last few months, the Etf's forward indicators remain quite persistent which may send shares a bit higher in August 2020. The last mess may also be a sign of long-standing up-swing for the ETF venture institutional investors.

AKSHARCHEM Risk-Adjusted Performance

Over the last 30 days AKSHARCHEM LTD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, AKSHARCHEM is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

ProShares Ultra and AKSHARCHEM Volatility Contrast

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