Direxion Daily QCOM Bear 1X ETF (QCMD) — Stock Correlations & Overview
Over the past year, QCMD has moved most closely with HIBS, SOXS, PSQ. Explore the stocks most correlated and inversely correlated with QCMD below, along with its price, financials, and company profile.
Stocks correlated with QCMD
Correlation of daily returns. Higher positive values move with QCMD; negative values move opposite it. Informational only, not investment advice.
Most correlated with QCMD
| Symbol | Company | Correlation |
|---|---|---|
| HIBS | Direxion Daily S&P 500 High Beta Bear 3X ETF | 0.58 |
| SOXS | Direxion Daily Semiconductor Bear 3X ETF | 0.56 |
| PSQ | ProShares Short QQQ | 0.55 |
| SQQQ | ProShares UltraPro Short QQQ | 0.54 |
| QID | ProShares UltraShort QQQ | 0.54 |
Most inversely correlated with QCMD
| Symbol | Company | Correlation |
|---|---|---|
| QCOM | Qualcomm IncRADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT | -1.00 |
| QCML | GraniteShares 2x Long QCOM Daily ETF | -0.99 |
| QCMU | Direxion Daily QCOM Bull 2X ETF | -0.99 |
| SNSR | Global X Funds Global X Internet of Things ETF | -0.64 |
| VERS | ProShares Metaverse ETF | -0.64 |
Frequently asked questions about QCMD correlations
- Which stocks are most correlated with QCMD?
- Based on one year of daily returns, the stocks most correlated with Direxion Daily QCOM Bear 1X ETF (QCMD) are HIBS (0.58), SOXS (0.56) and PSQ (0.55). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with QCMD?
- Over the past year, the stocks most inversely correlated with Direxion Daily QCOM Bear 1X ETF (QCMD) are QCOM (-1.00), QCML (-0.99) and QCMU (-0.99). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these QCMD correlations calculated?
- We compute the correlation of daily returns between QCMD and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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