ProShares Ultra Correlations

UVXY
 Etf
  

USD 7.79  0.17  2.23%   

The correlation of ProShares Ultra is a statistical measure of how it moves in relation to other equities. 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 Ultra moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Ultra VIX 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.
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The ability to find closely correlated positions to ProShares Ultra 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 Ultra 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 Ultra - 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 Ultra VIX to buy it.

Moving together with ProShares Ultra

+0.9UUPInvesco DB USPairCorr
+0.98VXXIPath Series B Low VolatilityPairCorr
+1.0VIXYProShares VIX Short-Term Low VolatilityPairCorr
+0.99VIXMProShares VIX Mid-TermPairCorr
+0.91EUOProShares UltraShort EuroPairCorr
+0.73YCSProShares UltraShort YenPairCorr
+0.76DUKHDUKE ENERGY CORPPairCorr
+0.79AEBAEGON NVPairCorr

Moving against ProShares Ultra

-0.92MKCMcCormick IncorporatedPairCorr
-0.84CEFDETRACS Monthly PayPairCorr
-0.65SMIVanEck Vectors ETFPairCorr
-0.57XDQQInnovator Growth-100PairCorr
-0.95KOCoca-ColaPairCorr

Top Constituents Correlations

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Correlation Matchups

The Correlation Coefficient is a useful tool to identify correlated or non-correlated securities, which is essential in developing a diversified portfolio. It tells us the relationship between two positions you have in your portfolio or considering acquiring. Over a given time period, the two securities movetogether 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   
  
High negative correlations   
MRKUBER
CRMTWTR
MRKCRM
XOMMSFT
XOMUBER
MRKMSFT

ProShares Ultra Constituents Risk-Adjusted Indicators

Nowadays, there is a big difference between ProShares Etf performing well and ProShares Ultra ETF doing well compared to the competition. There are way too many exceptions to the normal that investors can tell for sure what's good or bad unless they analyze ProShares Ultra's multiple risk-adjusted performance indicators. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean
Deviation
Jensen
Alpha
Sortino
Ratio
Treynor
Ratio
Semi
Deviation
Information
Ratio
Expected
Shortfall
Potential
Upside
Value
At Risk
Maximum
Drawdown
TWTR 1.73  0.49  0.18  291.24  1.73  0.13 (1.84)  3.56 (2.97)  27.10 
MSFT 1.81 (0.12)  0.00 (0.02)  0.00 (0.038)  0.00  3.92 (3.54)  11.64 
UBER 2.93 (0.18)  0.00 (0.05)  0.00 (0.0355)  0.00  8.60 (5.58)  19.67 
F 2.02 (0.26)  0.00 (0.11)  0.00 (0.08)  0.00  2.75 (5.20)  15.01 
T 1.27  0.19  0.13  0.34  1.08  0.1 (1.46)  2.54 (2.10)  9.29 
A 1.75  0.19  0.12  0.22  1.66  0.09 (2.15)  3.98 (2.97)  11.04 
CRM 2.42 (0.29)  0.00 (0.13)  0.00 (0.08)  0.00  4.31 (4.55)  18.29 
JPM 1.53  0.17  0.10  0.22  1.39  0.09 (1.67)  4.20 (2.80)  8.36 
MRK 0.98  0.36  0.26  1.21  0.81  0.24 (1.20)  2.44 (1.43)  7.38 
XOM 1.60  0.09  0.04  0.17  1.88  0.0418 (1.67)  3.65 (2.91)  9.75 

Be your own money manager

Our tools can tell you how much better you can do entering a position in ProShares Ultra 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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Invested in ProShares Ultra VIX?

The danger of trading ProShares Ultra VIX 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 Ultra 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 Ultra. The Shape ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile ProShares Ultra VIX 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.
Also, please take a look at World Market Map. You can also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.

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When running ProShares Ultra VIX price analysis, check to measure ProShares Ultra's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy ProShares Ultra is operating at the current time. Most of ProShares Ultra's value examination focuses on studying past and present price action to predict the probability of ProShares Ultra's future price movements. You can analyze the entity against its peers and financial market as a whole to determine factors that move ProShares Ultra's price. Additionally, you may evaluate how the addition of ProShares Ultra to your portfolios can decrease your overall portfolio volatility.
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The market value of ProShares Ultra VIX 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 Ultra's value that differs from its market value or its book value, called intrinsic value, which is ProShares Ultra'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 Ultra's market value can be influenced by many factors that don't directly affect ProShares Ultra'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 Ultra's value and its price as these two are different measures arrived at by different means. Investors typically determine ProShares Ultra value by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, ProShares Ultra'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.