Bitwise Crypto Correlations

BITQ Etf

USD 13.61 0.79 5.49%

The current 90-days correlation between Bitwise Crypto Industry and Bitwise 10 Crypto is 0.63 (i.e., Poor diversification). The correlation of Bitwise Crypto is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Bitwise Crypto Correlation With Market

Very weak diversification

The correlation between Bitwise Crypto Industry and DJI is 0.42 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise Crypto Industry 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 Bitwise Crypto Industry. 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 Bitwise Etf

0.94	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.95	BITO	ProShares Bitcoin Sell-off Trend	Pair Corr
0.93	BLOK	Amplify Transformational	Pair Corr
0.99	BLCN	Siren Nasdaq NexGen	Pair Corr
0.87	SPBC	Simplify Equity PLUS	Pair Corr
0.94	BTC	Grayscale Bitcoin Mini	Pair Corr
1.0	DAPP	VanEck Digital Trans	Pair Corr
0.99	CRPT	First Trust SkyBridge	Pair Corr
0.68	FNGU	MicroSectors FANG Index Symbol Change	Pair Corr
0.86	USD	ProShares Ultra Semi	Pair Corr
0.9	FNGO	MicroSectors FANG Index	Pair Corr
0.82	AA	Alcoa Corp	Pair Corr
0.71	DIS	Walt Disney	Pair Corr
0.77	HPQ	HP Inc	Pair Corr
0.78	CAT	Caterpillar	Pair Corr
0.89	MSFT	Microsoft Aggressive Push	Pair Corr
0.79	HD	Home Depot	Pair Corr

Moving against Bitwise Etf

0.64	GDXU	MicroSectors Gold Miners	Pair Corr
0.55	LEGR	First Trust Indxx	Pair Corr
0.42	MLPR	ETRACS Quarterly Pay	Pair Corr
0.88	VZ	Verizon Communications Sell-off Trend	Pair Corr
0.84	JNJ	Johnson Johnson	Pair Corr
0.79	T	ATT Inc Aggressive Push	Pair Corr
0.79	KO	Coca Cola Sell-off Trend	Pair Corr
0.58	PG	Procter Gamble	Pair Corr
0.49	CVX	Chevron Corp	Pair Corr
0.48	IBM	International Business	Pair Corr
0.47	MMM	3M Company	Pair Corr
0.41	GE	GE Aerospace	Pair Corr

Related Correlations Analysis

	BITW	DAPP	BKCH	LEGR	BTF
BITW		0.9	0.9	-0.5	0.92	BITW
DAPP	0.9		1.0	-0.62	0.96	DAPP
BKCH	0.9	1.0		-0.6	0.95	BKCH
LEGR	-0.5	-0.62	-0.6		-0.72	LEGR
BTF	0.92	0.96	0.95	-0.72		BTF
	BITW	DAPP	BKCH	LEGR	BTF

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

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

BKCH	+ 1.0	DAPP
BTF	+ 0.96	DAPP
BTF	+ 0.95	BKCH
BTF	+ 0.92	BITW
DAPP	+ 0.9	BITW
BKCH	+ 0.9	BITW

High negative correlations

BTF	- 0.72	LEGR
LEGR	- 0.62	DAPP
LEGR	- 0.6	BKCH
LEGR	- 0.5	BITW

Bitwise Crypto Constituents Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Crypto 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 Bitwise Crypto'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
BITW	2.81	(0.39)	0.00	(0.73)	0.00	0.00	5.38	(5.87)	13.44
DAPP	3.45	(0.71)	0.00	(0.31)	0.00	0.00	6.43	(9.99)	24.23
BKCH	3.49	(0.68)	0.00	(0.27)	0.00	0.00	6.03	(8.12)	25.38
LEGR	0.66	0.07	0.08	(0.75)	0.72	(0.70)	1.33	(1.26)	4.17
BTF	2.73	(0.62)	0.00	(0.52)	0.00	0.00	4.98	(6.29)	16.09

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC