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|
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.