Direxion Daily Correlations

HIBL Etf

USD 48.65 1.63 3.24%

The current 90-days correlation between Direxion Daily SP and Direxion Daily Dow is 0.79 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Direxion Daily moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Direxion Daily SP moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Direxion Daily Correlation With Market

Poor diversification

The correlation between Direxion Daily SP and DJI is 0.76 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Direxion Daily SP and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Direxion Daily SP. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

Moving together with Direxion Etf

0.91	SSO	ProShares Ultra SP500	Pair Corr
0.92	SPXL	Direxion Daily SP500	Pair Corr
0.83	QLD	ProShares Ultra QQQ	Pair Corr
0.92	UPRO	ProShares UltraPro SP500	Pair Corr
0.84	TECL	Direxion Daily Technology	Pair Corr
0.65	GUSH	Direxion Daily SP	Pair Corr
0.75	FNGU	MicroSectors FANG Index	Pair Corr
0.66	UYG	ProShares Ultra Fina	Pair Corr
0.7	ARKW	ARK Next Generation	Pair Corr
0.91	EWC	iShares MSCI Canada	Pair Corr
0.86	BST	BlackRock Science Tech	Pair Corr
0.74	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.74	AXP	American Express Fiscal Year End 24th of January 2025	Pair Corr
0.68	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.72	HD	Home Depot Sell-off Trend	Pair Corr
0.68	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.8	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.65	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.63	GE	GE Aerospace Fiscal Year End 28th of January 2025	Pair Corr

Moving against Direxion Etf

0.54	JNJ	Johnson Johnson Fiscal Year End 28th of January 2025	Pair Corr
0.45	HUM	Humana Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.46	MRK	Merck Company Fiscal Year End 6th of February 2025	Pair Corr
0.39	KO	Coca Cola Sell-off Trend	Pair Corr
0.32	PFE	Pfizer Inc Aggressive Push	Pair Corr

Related Correlations Analysis

	WEBL	WANT	HIBS	TPOR	DUSL
WEBL		0.96	-0.81	0.93	0.91	WEBL
WANT	0.96		-0.77	0.88	0.86	WANT
HIBS	-0.81	-0.77		-0.79	-0.93	HIBS
TPOR	0.93	0.88	-0.79		0.92	TPOR
DUSL	0.91	0.86	-0.93	0.92		DUSL
	WEBL	WANT	HIBS	TPOR	DUSL

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

WANT	+ 0.96	WEBL
TPOR	+ 0.93	WEBL
DUSL	+ 0.92	TPOR
DUSL	+ 0.91	WEBL
TPOR	+ 0.88	WANT
DUSL	+ 0.86	WANT

High negative correlations

DUSL	- 0.93	HIBS
HIBS	- 0.81	WEBL
TPOR	- 0.79	HIBS
HIBS	- 0.77	WANT

Direxion Daily Constituents Risk-Adjusted Indicators

There is a big difference between Direxion Etf performing well and Direxion Daily 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 Direxion Daily'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 Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
WEBL	2.23	0.47	0.18	0.28	2.85	(2.47)	5.40	(4.70)	16.27
WANT	2.62	0.41	0.21	0.25	2.57	(3.01)	5.56	(4.57)	14.23
HIBS	2.96	0.10	0.00	0.09	0.00	0.00	5.93	(6.44)	21.82
TPOR	2.79	0.05	0.10	0.13	3.04	(2.96)	5.81	(4.76)	19.85
DUSL	2.04	0.01	0.11	0.12	2.24	(2.40)	4.80	(3.64)	16.65

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC