Despite the recent decline in front and future VIX prices, many traders have recently taken speculative positions on increasing price ranges. I decided to highlight the ten exchange-traded assets that had the widest weekly ranges as a proportion of Friday's closing price. In addition to presenting just the range, I'm also providing the week's return, total dollar volume, and correlation to the S&P and gold.
| Symbol | Return | Range | Dollar Volume ($M) | SPY Correlation | GLD Correlation |
| TMF | -11.1% | 15.3% | 28.461793 | 94.3% | 66.0% |
| TYP | -11.2% | 15.1% | 59.262521 | -41.9% | 55.7% |
| ZSL | -10.5% | 14.7% | 64.935627 | -5.7% | -93.7% |
| SQQQ | -10.6% | 14.5% | 163.841642 | -39.0% | 59.1% |
| CZM | 7.9% | 13.3% | 25.011599 | 69.7% | 91.9% |
| CZI | -7.7% | 13.2% | 2.204423 | -77.5% | -82.7% |
| TMV | 11.0% | 13.2% | 103.653646 | -95.4% | -63.2% |
| FAS | -5.5% | 12.8% | 4001.066165 | 64.8% | 28.1% |
| TYH | 10.6% | 12.7% | 144.928741 | 43.9% | -56.6% |
| TZA | -4.4% | 12.6% | 2530.503744 | -77.6% | -87.2% |
The results shouldn't be too surprising. The pack is led by leveraged funds that track technology, Treasury, and commodities. TYP, TYH, and SQQQ all correspond to triple-leverage Nasdaq or broad tech funds; of these, TYH and SQQQ were much more heavily traded this week. Treasury funds hold their own as well, with the triple 20-year (TMF) and the triple short 30-year (TMV) showing large ranges this week. ZSL is a double-leverage short silver fund, and CZM/CZI are triple-leveraged long/short China funds; much of the move in both Chinese and commodity markets this week was driven by the dollar. Of all these funds, the triple-leverage financial ETF (FAS) clearly saw the most trading action, churning more than $4B this week. With plenty of housing, job, and industrial data out next week, look for these funds to continue to expand on their recent price ranges.
