Bitwise Core Correlations

BTC1 Etf

9.53 0.05 0.53%

The current 90-days correlation between Bitwise Core Bitcoin and iShares Govt Bond is 0.03 (i.e., Significant diversification). The correlation of Bitwise Core 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.

Bitwise Core Correlation With Market

Significant diversification

The correlation between Bitwise Core Bitcoin 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 Core Bitcoin and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bitwise Core could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bitwise Core when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Bitwise Core - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Bitwise Core Bitcoin to buy it.

Moving together with Bitwise Etf

0.63	UIM5	UBS Fund Solutions	Pair Corr
0.66	GQ9	SPDR Gold Shares	Pair Corr
0.95	VUSA	Vanguard Funds Public	Pair Corr
0.95	SXR8	iShares Core SP	Pair Corr

Moving against Bitwise Etf

0.55	DBPD	Xtrackers ShortDAX	Pair Corr
0.41	IBC3	iShares Core MSCI	Pair Corr
0.4	IS3N	iShares Core MSCI	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.81	-0.52	-0.48	0.41	0.39	0.53	0.2	-0.05	-0.56	META
MSFT	0.81		-0.61	-0.3	0.61	0.03	0.69	0.45	-0.29	-0.64	MSFT
UBER	-0.52	-0.61		0.56	-0.7	0.17	-0.78	-0.54	0.64	0.81	UBER
F	-0.48	-0.3	0.56		-0.06	-0.15	-0.15	0.18	0.05	0.74	F
T	0.41	0.61	-0.7	-0.06		-0.23	0.85	0.81	-0.64	-0.5	T
A	0.39	0.03	0.17	-0.15	-0.23		-0.22	-0.44	0.68	0.18	A
CRM	0.53	0.69	-0.78	-0.15	0.85	-0.22		0.85	-0.73	-0.59	CRM
JPM	0.2	0.45	-0.54	0.18	0.81	-0.44	0.85		-0.8	-0.38	JPM
MRK	-0.05	-0.29	0.64	0.05	-0.64	0.68	-0.73	-0.8		0.45	MRK
XOM	-0.56	-0.64	0.81	0.74	-0.5	0.18	-0.59	-0.38	0.45		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

CRM	+ 0.85	T
JPM	+ 0.85	CRM
MSFT	+ 0.81	META
XOM	+ 0.81	UBER
JPM	+ 0.81	T
XOM	+ 0.74	F

High negative correlations

MRK	- 0.8	JPM
CRM	- 0.78	UBER
MRK	- 0.73	CRM
T	- 0.7	UBER
MRK	- 0.64	T
XOM	- 0.64	MSFT

Bitwise Core Competition Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Core 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 Core'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	1.26	0.07	0.04	0.32	1.44	(1.43)	2.62	(3.15)	7.43
MSFT	0.87	0.01	0.00	(0.09)	1.61	(0.80)	1.78	(1.73)	8.14
UBER	1.72	(0.19)	0.00	(0.96)	0.00	0.00	2.67	(5.35)	20.41
F	1.39	(0.10)	0.00	(0.34)	0.00	0.00	2.38	(2.81)	11.21
T	0.96	0.05	0.03	0.20	1.15	(0.99)	1.93	(1.99)	7.95
A	1.12	(0.12)	0.00	(0.34)	0.00	0.00	2.43	(2.42)	8.06
CRM	1.47	0.33	0.20	6.67	1.34	(1.70)	3.18	(2.88)	14.80
JPM	1.06	0.26	0.19	(17.88)	1.04	(1.25)	1.99	(1.42)	15.87
MRK	0.96	(0.21)	0.00	(0.89)	0.00	0.00	1.72	(2.17)	5.17
XOM	0.77	(0.15)	0.00	(0.76)	0.00	0.00	1.71	(2.14)	6.06

Bitwise Core Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with Bitwise Core etf to make a market-neutral strategy. Peer analysis of Bitwise Core could also be used in its relative valuation, which is a method of valuing Bitwise Core by comparing valuation metrics with similar companies.

Bitwise Core Bitcoin iShares Govt Bond Amundi MSCI Europe iShares Global AAA AA iShares Smart City UBS Barclays Liquid SPDR Barclays 10 WisdomTree WTI Crude Amundi SP 500 American Airlines Group Alcoa Corp Apple Inc Best Buy Co Citigroup SentinelOne

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