Bitwise Crypto Correlations

BITQ Etf

USD 18.39 0.06 0.33%

The current 90-days correlation between Bitwise Crypto Industry and Bitwise 10 Crypto is 0.67 (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

Significant diversification

The correlation between Bitwise Crypto Industry and DJI is 0.03 (i.e., Significant 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	BLCN	Siren Nasdaq NexGen	Pair Corr
0.99	DAPP	VanEck Digital Trans	Pair Corr
0.97	CRPT	First Trust SkyBridge	Pair Corr
0.94	WGMI	Valkyrie Bitcoin Miners	Pair Corr
0.65	AA	Alcoa Corp	Pair Corr

Moving against Bitwise Etf

0.57	PFE	Pfizer Inc	Pair Corr
0.53	BA	Boeing	Pair Corr
0.5	AMPD	Tidal Trust II	Pair Corr
0.31	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.31	GE	GE Aerospace Sell-off Trend	Pair Corr

Related Correlations Analysis

	BITW	DAPP	BKCH	LEGR	BTF
BITW		0.21	0.15	0.28	0.64	BITW
DAPP	0.21		0.99	-0.26	0.72	DAPP
BKCH	0.15	0.99		-0.24	0.67	BKCH
LEGR	0.28	-0.26	-0.24		-0.32	LEGR
BTF	0.64	0.72	0.67	-0.32		BTF
	BITW	DAPP	BKCH	LEGR	BTF

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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

BKCH	+ 0.99	DAPP
BTF	+ 0.72	DAPP
BTF	+ 0.67	BKCH
BTF	+ 0.64	BITW
LEGR	+ 0.28	BITW
DAPP	+ 0.21	BITW

High negative correlations

BTF	- 0.32	LEGR
LEGR	- 0.26	DAPP
LEGR	- 0.24	BKCH

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	2.98	0.49	0.14	(0.69)	3.13	(3.46)	6.59	(4.56)	23.71
DAPP	3.55	0.07	0.01	0.33	4.63	(3.86)	6.90	(8.11)	30.73
BKCH	3.55	0.03	0.01	0.09	4.95	(3.70)	6.49	(7.91)	33.13
LEGR	0.55	0.08	0.11	0.19	0.60	(0.59)	1.05	(1.06)	2.95
BTF	2.75	0.13	0.04	(0.76)	3.28	(3.16)	5.86	(6.32)	23.72

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