Bitwise Ethereum Correlations

ETHW Etf   14.15  0.01  0.07%   
The current 90-days correlation between Bitwise Ethereum ETF and Grayscale Funds Trust is 0.39 (i.e., Weak diversification). The correlation of Bitwise Ethereum 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 Ethereum Correlation With Market

Modest diversification

The correlation between Bitwise Ethereum ETF and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise Ethereum ETF and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Bitwise Ethereum ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Bitwise Etf

  0.85GBTC Grayscale Bitcoin TrustPairCorr
  0.87BITO ProShares BitcoinPairCorr
  0.72BLOK Amplify TransformationalPairCorr
  0.93BLCN Siren Nasdaq NexGenPairCorr
  0.91BITQ Bitwise Crypto IndustryPairCorr
  0.7SPBC Simplify Equity PLUSPairCorr
  0.85BTC Grayscale Bitcoin MiniPairCorr
  0.93DAPP VanEck Digital TransPairCorr
  0.9CRPT First Trust SkyBridgePairCorr
  0.69FNGU MicroSectors FANG Index Symbol ChangePairCorr
  0.82USD ProShares Ultra SemiPairCorr
  0.74FNGO MicroSectors FANG IndexPairCorr
  0.81AA Alcoa CorpPairCorr
  0.66DIS Walt DisneyPairCorr
  0.72HPQ HP IncPairCorr
  0.73CAT CaterpillarPairCorr
  0.92MSFT MicrosoftPairCorr
  0.61HD Home DepotPairCorr

Moving against Bitwise Etf

  0.83GDXU MicroSectors Gold MinersPairCorr
  0.73LEGR First Trust IndxxPairCorr
  0.7MLPR ETRACS Quarterly PayPairCorr
  0.59AMZA InfraCap MLP ETFPairCorr
  0.47ATMP Barclays ETN Select Low VolatilityPairCorr
  0.92JNJ Johnson JohnsonPairCorr
  0.89T ATT Inc Earnings Call TodayPairCorr
  0.86KO Coca ColaPairCorr
  0.83VZ Verizon CommunicationsPairCorr
  0.73MMM 3M CompanyPairCorr
  0.72IBM International BusinessPairCorr
  0.71GE GE AerospacePairCorr
  0.61CVX Chevron Corp Sell-off TrendPairCorr
  0.6CSCO Cisco SystemsPairCorr
  0.54PG Procter GamblePairCorr

Related Correlations Analysis

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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   
JPMMETA
CRMMSFT
TUBER
CRMA
AMSFT
JPMA
  
High negative correlations   
MRKUBER
TMSFT
MRKMETA
CRMT
MRKT
MRKJPM

Bitwise Ethereum Competition Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Ethereum 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 Ethereum'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.59  0.02  0.00 (0.05) 0.00 
 2.57 
 8.90 
MSFT  1.12 (0.15) 0.00 (0.28) 0.00 
 2.58 
 10.31 
UBER  1.88  0.41  0.19  0.74  2.06 
 4.72 
 12.75 
F  1.47  0.07  0.03  0.00  2.22 
 2.71 
 10.14 
T  1.04  0.26  0.16  0.40  1.61 
 1.90 
 11.66 
A  1.15 (0.15) 0.00 (0.23) 0.00 
 2.92 
 9.03 
CRM  1.38 (0.27) 0.00 (0.31) 0.00 
 2.72 
 8.88 
JPM  1.10  0.09  0.05  0.02  1.74 
 1.99 
 6.85 
MRK  1.17 (0.11) 0.00  1.52  0.00 
 2.07 
 11.58 
XOM  1.06  0.11  0.10  0.17  1.39 
 2.55 
 5.89