ProShares Bitcoin Correlations

BITO Etf

USD 19.26 0.37 1.88%

The current 90-days correlation between ProShares Bitcoin and Grayscale Bitcoin Trust is 1.0 (i.e., No risk reduction). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as ProShares Bitcoin moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if ProShares Bitcoin Strategy moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

ProShares Bitcoin Correlation With Market

Weak diversification

The correlation between ProShares Bitcoin Strategy and DJI is 0.31 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Bitcoin Strategy and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in ProShares Bitcoin Strategy. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in estimate.

Moving together with ProShares Etf

1.0	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.91	BLOK	Amplify Transformational	Pair Corr
0.93	BLCN	Siren Nasdaq NexGen	Pair Corr
0.95	BITQ	Bitwise Crypto Industry Downward Rally	Pair Corr
0.88	SPBC	Simplify Equity PLUS	Pair Corr
0.93	DAPP	VanEck Digital Trans	Pair Corr
0.97	CRPT	First Trust SkyBridge	Pair Corr
0.76	USD	ProShares Ultra Semi	Pair Corr
0.85	FNGO	MicroSectors FANG Index	Pair Corr
0.63	HPQ	HP Inc	Pair Corr
0.79	CAT	Caterpillar	Pair Corr
0.7	MSFT	Microsoft	Pair Corr
0.79	HD	Home Depot	Pair Corr

Moving against ProShares Etf

0.57	GDXU	MicroSectors Gold Miners	Pair Corr
0.4	LEGR	First Trust Indxx	Pair Corr
0.7	VZ	Verizon Communications	Pair Corr
0.68	KO	Coca Cola Aggressive Push	Pair Corr
0.65	JNJ	Johnson Johnson	Pair Corr
0.61	T	ATT Inc Aggressive Push	Pair Corr
0.53	PG	Procter Gamble	Pair Corr
0.39	IBM	International Business	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.02	0.56	-0.5	0.23	0.5	0.32	0.9	-0.71	-0.07	META
MSFT	0.02		-0.59	-0.04	-0.83	0.57	0.88	0.21	0.41	-0.57	MSFT
UBER	0.56	-0.59		-0.31	0.78	-0.12	-0.5	0.48	-0.84	0.55	UBER
F	-0.5	-0.04	-0.31		0.06	-0.09	-0.19	-0.35	0.4	0.38	F
T	0.23	-0.83	0.78	0.06		-0.5	-0.74	0.07	-0.63	0.59	T
A	0.5	0.57	-0.12	-0.09	-0.5		0.67	0.68	0.05	-0.26	A
CRM	0.32	0.88	-0.5	-0.19	-0.74	0.67		0.42	0.23	-0.64	CRM
JPM	0.9	0.21	0.48	-0.35	0.07	0.68	0.42		-0.6	0.03	JPM
MRK	-0.71	0.41	-0.84	0.4	-0.63	0.05	0.23	-0.6		-0.36	MRK
XOM	-0.07	-0.57	0.55	0.38	0.59	-0.26	-0.64	0.03	-0.36		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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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

JPM	+ 0.9	META
CRM	+ 0.88	MSFT
T	+ 0.78	UBER
JPM	+ 0.68	A
CRM	+ 0.67	A
XOM	+ 0.59	T

High negative correlations

MRK	- 0.84	UBER
T	- 0.83	MSFT
CRM	- 0.74	T
MRK	- 0.71	META
XOM	- 0.64	CRM
MRK	- 0.63	T

ProShares Bitcoin Competition Risk-Adjusted Indicators

There is a big difference between ProShares Etf performing well and ProShares Bitcoin 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 Bitcoin'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
META	1.61	0.05	0.02	0.04	2.24	(1.45)	2.96	(3.73)	8.90
MSFT	1.07	(0.17)	0.00	(0.20)	0.00	0.00	2.58	(2.14)	10.31
UBER	1.92	0.31	0.14	0.48	2.11	(2.12)	4.72	(3.13)	12.75
F	1.44	0.11	0.05	(0.36)	2.16	(1.40)	2.71	(2.88)	10.14
T	0.99	0.29	0.17	(24.36)	1.45	(1.12)	1.90	(1.55)	11.66
A	1.17	(0.20)	0.00	(0.20)	0.00	0.00	2.92	(2.59)	9.03
CRM	1.38	(0.27)	0.00	(0.22)	0.00	0.00	2.72	(3.53)	8.88
JPM	1.09	0.14	0.08	0.11	1.55	(1.09)	2.16	(1.98)	6.85
MRK	1.22	(0.15)	0.00	1.32	0.00	0.00	2.07	(2.25)	11.58
XOM	1.02	0.17	0.12	0.40	1.24	(1.06)	2.55	(2.36)	5.89

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