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ETFs

Direxion Daily Oil Services Bull 2X Shares

ONG
$--
Today’s Change
-- (--)

Snapshot
*

Inception Date
Jan 20 2022
Expense Ratio
0.95%
Type
US Equities
Fund Owner
Direxion Shares
Volume (1m avg. daily)
$317,323
AUM
$7,547,649
Associated Index
MVIS US Listed Oil Services 25 Index
Inverse/Leveraged
Leveraged (2x)
Passive/Active
Passive
Fractionable on Composer
No
Prospectus
View

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Invest with ONG

What is ONG?

The Direxion Daily Oil Services Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MVIS US Listed Oil Services 25 Index (MVOIHTR). The MVIS US Listed Oil Services 25 Index (MVOIHTR) includes common stocks and depositary receipts of domestic and foreign companies whose equity securities are listed on a U.S. stock exchange and that provide services to the oil industry. To be eligible for initial inclusion in the Index, companies must generate at least 50% of their revenues from providing services to upstream oil companies, such as those engaged primarily in providing oil equipment, oil services or oil drilling. Of the largest 50 such stocks by full market capitalization, the top 25 by free-float market capitalization and three-month average daily trading volume are included in the Index.

ETFs related toONG

ETFs correlated to ONG include OIH, IEZ, XES

ONG
Direxion Shares ETF Trust - Direxion Daily Oil Services Bull 2X Shares
OIH
VanEck ETF Trust - VanEck Oil Services ETF
IEZ
BlackRock Institutional Trust Company N.A. - iShares U.S. Oil Equipment & Services ETF
XES
SPDR Series Trust - SPDR Oil & Gas Equipment and Services ETF
PXJ
Invesco Capital Management LLC - Invesco Dynamic Oil & Gas Services ETF
PSCE
Invesco Capital Management LLC - Invesco S&P SmallCap Energy ETF
RYE
Invesco Capital Management LLC - Invesco S&P 500 Equal Weight Energy ETF
PXI
Invesco Capital Management LLC - Invesco DWA Energy Momentum ETF
VDE
Vanguard Group, Inc. - Vanguard Energy ETF
FENY
Fidelity Covington Trust - Fidelity MSCI Energy Index ETF
IGE
BlackRock Institutional Trust Company N.A. - iShares North American Natural Resources ETF

What is ETF correlation?

Correlation is a measure of the strength of the relationship between two ETFs. It quantifies the degree to which prices of the two ETFs typically move together.

Here, correlation is measured over the past year with the Pearson correlation coefficient (Pearon’s r), which ranges from -1 to 1.

Using ETF correlations in portfolio and strategy construction

ETF correlations can help you create investing strategies and portfolios. Use them to:

  • •Build a diversified portfolio from uncorrelated or inversely correlated ETFs with the aim of minimizing portfolio risk.
  • •Compare correlated or related ETFs to find one with a lower expense ratio or higher trading volume.
  • •Create an investing strategy that hedges an ETF with an uncorrelated or inversely correlated ETF.

Automated Strategies
Related toONG

#OPUS-8

Opus-8

Category

Opus

Risk Rating

Conservative

#OPUS-12

Opus-12

Category

Opus, Investing for the Long-Term

Risk Rating

Moderate

Create your own algorithmic trading strategy with ONG using Composer

FAQ

ONG is a US Equities ETF. The Direxion Daily Oil Services Bull 2X Shares seeks daily investment results, before fees and expenses, of 200% of the performance of the MVIS US Listed Oil Services 25 Index (MVOIHTR). The MVIS US Listed Oil Services 25 Index (MVOIHTR) includes common stocks and depositary receipts of domestic and foreign companies whose equity securities are listed on a U.S. stock exchange and that provide services to the oil industry. To be eligible for initial inclusion in the Index, companies must generate at least 50% of their revenues from providing services to upstream oil companies, such as those engaged primarily in providing oil equipment, oil services or oil drilling. Of the largest 50 such stocks by full market capitalization, the top 25 by free-float market capitalization and three-month average daily trading volume are included in the Index.

ONG tracks the MVIS US Listed Oil Services 25 Index.

No, ONG is not actively managed. It is passively managed. In an actively managed fund, the fund manager makes decisions about how funds are invested. A passively managed fund typically tries to track or follow a market index.

Yes, ONG is passively managed. A passively managed fund typically tries to track or follow a market index. In an actively managed fund, the fund manager makes decisions about how funds are invested.

The 1-month return on ONG is 0.0729%. This is the percent change in the value of ONG over the most recent 1-month period. The 3-month return on ONG is -0.2875%. This is the percent change in the value of ONG over the most recent 3-month period.

The standard deviation of ONG for the past year is 0.9459%. Standard deviation is the typical amount that the daily returns vary from the mean of the returns over the time period, standardized to a period of a year.

ETFs similar to ONG include PSQ, QLD, and SH.

ETFs correlated to ONG include OIH, IEZ, and XES.

ETFs that are inversely correlated to ONG include DUG, ERY, and OILD.

Yes, ONG is a Leveraged (2x) ETF: This means that ONG will try to match the performance of MVIS US Listed Oil Services 25 Index, but with 2x the returns.

Yes, ONG is a Leveraged (2x) leveraged ETF: This means that {characteristics.Identifier} will try to match the performance of MVIS US Listed Oil Services 25 Index, but move 2x in the opposite direction.

Disclaimers

*

We show information directly obtained from our data provider, Xignite. Data shown here is provided by Xignite, an unaffiliated third party. Composer believes the information shown here is reliable, but has not been verified and there is no guarantee that the information is accurate.

**

We show information based on calculations performed by Composer using data from our provider. Information provided here is based on calculations performed by Composer using data sourced from Xignite, an unaffiliated third party. Composer believes this information is reliable, but has not verified the data and there is no guarantee that the calculations are accurate.