ProShares Bitcoin Correlations

BITO Etf

USD 11.79 0.55 4.46%

The current 90-days correlation between ProShares Bitcoin and iShares MSCI United is 0.39 (i.e., Weak diversification). 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

Very good diversification

The correlation between ProShares Bitcoin Strategy and DJI is -0.26 (i.e., Very good 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.

Build AI portfolio with ProShares Etf

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 population.

Moving together with ProShares Etf

1.0	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.95	BTC	Grayscale Bitcoin Mini	Pair Corr
0.94	BTF	Valkyrie Bitcoin Strategy	Pair Corr
0.77	MSFT	Microsoft	Pair Corr

Moving against ProShares Etf

0.73	TRV	The Travelers Companies	Pair Corr
0.67	DD	Dupont De Nemours Sell-off Trend	Pair Corr
0.62	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.6	VZ	Verizon Communications Earnings Call Tomorrow	Pair Corr
0.59	WMT	Walmart Common Stock	Pair Corr
0.56	MCD	McDonalds	Pair Corr
0.49	KO	Coca Cola Aggressive Push	Pair Corr
0.39	CAT	Caterpillar Earnings Call Today	Pair Corr
0.36	CPST	Calamos ETF Trust	Pair Corr
0.36	XOM	Exxon Mobil Corp Earnings Call Tomorrow	Pair Corr

Related Correlations Analysis

	IWX	CGBL	VNJTX	IVLU	NUGO	EVTR	EPI	SBIL	AOR	EWU
IWX		0.97	0.81	0.98	-0.14	0.85	-0.59	0.94	0.94	0.96	IWX
CGBL	0.97		0.78	0.94	0.03	0.87	-0.53	0.87	0.98	0.95	CGBL
VNJTX	0.81	0.78		0.78	-0.13	0.67	-0.32	0.76	0.76	0.8	VNJTX
IVLU	0.98	0.94	0.78		-0.21	0.8	-0.61	0.96	0.91	0.97	IVLU
NUGO	-0.14	0.03	-0.13	-0.21		-0.08	0.37	-0.36	0.15	-0.09	NUGO
EVTR	0.85	0.87	0.67	0.8	-0.08		-0.37	0.78	0.84	0.82	EVTR
EPI	-0.59	-0.53	-0.32	-0.61	0.37	-0.37		-0.62	-0.48	-0.51	EPI
SBIL	0.94	0.87	0.76	0.96	-0.36	0.78	-0.62		0.81	0.9	SBIL
AOR	0.94	0.98	0.76	0.91	0.15	0.84	-0.48	0.81		0.95	AOR
EWU	0.96	0.95	0.8	0.97	-0.09	0.82	-0.51	0.9	0.95		EWU
	IWX	CGBL	VNJTX	IVLU	NUGO	EVTR	EPI	SBIL	AOR	EWU

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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

IVLU	+ 0.98	IWX
AOR	+ 0.98	CGBL
CGBL	+ 0.97	IWX
EWU	+ 0.97	IVLU
EWU	+ 0.96	IWX
SBIL	+ 0.96	IVLU

High negative correlations

SBIL	- 0.62	EPI
EPI	- 0.61	IVLU
EPI	- 0.59	IWX
EPI	- 0.53	CGBL
EWU	- 0.51	EPI
AOR	- 0.48	EPI

ProShares Bitcoin Constituents 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
IWX	0.52	0.06	0.07	0.14	0.43	(0.59)	1.22	(0.96)	2.70
CGBL	0.42	0.03	0.00	0.11	0.46	(0.44)	0.86	(0.89)	2.29
VNJTX	0.08	0.00	(0.33)	0.08	0.00	(0.13)	0.18	(0.09)	0.79
IVLU	0.60	0.16	0.19	0.28	0.45	(0.70)	1.31	(1.20)	3.34
NUGO	0.85	(0.05)	(0.04)	0.01	1.44	(0.68)	1.48	(2.27)	5.84
EVTR	0.13	(0.01)	(0.37)	0.01	0.12	(0.14)	0.25	(0.25)	0.64
EPI	0.62	(0.09)	0.00	(0.29)	0.00	0.00	1.03	(1.16)	3.82
SBIL	0.01	0.00	0.00	0.00	0.00	0.00	0.04	(0.01)	0.07
AOR	0.35	0.02	(0.03)	0.10	0.38	(0.36)	0.75	(0.73)	2.09
EWU	0.62	0.10	0.13	0.23	0.46	(0.72)	1.35	(1.06)	2.97

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