ProShares UltraShort Correlations

ZSL Etf

USD 39.42 0.82 2.12%

The current 90-days correlation between ProShares UltraShort and ProShares UltraShort Gold is 0.8 (i.e., Very poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares UltraShort moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares UltraShort Silver moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares UltraShort Correlation With Market

Good diversification

The correlation between ProShares UltraShort Silver and DJI is -0.04 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares UltraShort Silver and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in ProShares UltraShort Silver. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in state.

Moving together with ProShares Etf

0.95	GLL	ProShares UltraShort Gold	Pair Corr
0.89	GDXD	MicroSectors Gold Miners	Pair Corr
0.73	DZZ	DB Gold Double	Pair Corr
0.79	DGZ	DB Gold Short	Pair Corr
0.95	DULL	MicroSectors Gold	Pair Corr

Moving against ProShares Etf

0.73	VWO	Vanguard FTSE Emerging	Pair Corr
0.63	SPY	SPDR SP 500 Aggressive Push	Pair Corr
0.63	IVV	iShares Core SP	Pair Corr
0.62	VUG	Vanguard Growth Index	Pair Corr
0.59	VTI	Vanguard Total Stock	Pair Corr
0.55	VTV	Vanguard Value Index Sell-off Trend	Pair Corr
0.55	VO	Vanguard Mid Cap	Pair Corr
0.5	DGLDF	VelocityShares 3x Inverse	Pair Corr
0.45	VB	Vanguard Small Cap	Pair Corr
0.74	CAT	Caterpillar Fiscal Year End 3rd of February 2025	Pair Corr
0.72	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.66	HD	Home Depot Sell-off Trend	Pair Corr
0.66	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.57	T	ATT Inc Aggressive Push	Pair Corr
0.55	HPQ	HP Inc	Pair Corr
0.5	DD	Dupont De Nemours Fiscal Year End 4th of February 2025	Pair Corr
0.47	WMT	Walmart Aggressive Push	Pair Corr
0.46	XOM	Exxon Mobil Corp Sell-off Trend	Pair Corr
0.42	CVX	Chevron Corp Sell-off Trend	Pair Corr
0.36	MSFT	Microsoft Aggressive Push	Pair Corr
0.31	DIS	Walt Disney Aggressive Push	Pair Corr

Related Correlations Analysis

	GLL	AGQ	DZZ	UGL	EUO
GLL		-0.91	0.83	-1.0	-0.33	GLL
AGQ	-0.91		-0.75	0.92	0.15	AGQ
DZZ	0.83	-0.75		-0.83	-0.15	DZZ
UGL	-1.0	0.92	-0.83		0.29	UGL
EUO	-0.33	0.15	-0.15	0.29		EUO
	GLL	AGQ	DZZ	UGL	EUO

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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

UGL	+ 0.92	AGQ
DZZ	+ 0.83	GLL
EUO	+ 0.29	UGL
EUO	+ 0.15	AGQ

High negative correlations

UGL	- 1.0	GLL
AGQ	- 0.91	GLL
UGL	- 0.83	DZZ
DZZ	- 0.75	AGQ
EUO	- 0.33	GLL
EUO	- 0.15	DZZ

ProShares UltraShort Constituents Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares UltraShort 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 ProShares UltraShort'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
GLL	1.47	(0.14)	0.00	(0.34)	0.00	0.00	2.95	(2.93)	9.61
AGQ	3.12	0.03	(0.01)	0.26	4.14	(2.93)	6.39	(6.45)	21.31
DZZ	2.52	(0.14)	0.00	(0.23)	0.00	0.00	5.08	(6.11)	13.66
UGL	1.48	0.14	(0.01)	(0.33)	2.06	(1.51)	3.04	(3.00)	9.73
EUO	0.66	0.17	0.10	0.69	0.56	(0.70)	1.39	(1.11)	5.24

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