ProShares Bitcoin Correlations

BITO Etf

USD 9.36 0.09 0.97%

The current 90-days correlation between ProShares Bitcoin and iShares MSCI United is 0.41 (i.e., Very 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 -0.47 (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
1.0	BTC	Grayscale Bitcoin Mini	Pair Corr
1.0	BTF	CoinShares Bitcoin and	Pair Corr

Moving against ProShares Etf

0.76	SCDV	ETF Series Solutions	Pair Corr
0.76	REGL	ProShares SP MidCap	Pair Corr
0.75	AMPD	Tidal ETF Services	Pair Corr
0.73	NCPB	Nuveen Core Plus	Pair Corr
0.72	TAXT	Northern Trust Tax	Pair Corr
0.71	SPVM	Invesco SP 500	Pair Corr
0.71	XFIX	Fm Investments Symbol Change	Pair Corr
0.7	BSMS	Invesco BulletShares 2028	Pair Corr
0.69	FIDU	Fidelity MSCI Industrials	Pair Corr
0.67	WLDR	Affinity World Leaders	Pair Corr
0.65	PCEM	Litman Gregory Funds	Pair Corr
0.62	EURL	Direxion Daily FTSE	Pair Corr
0.59	IAUM	iShares Gold Trust	Pair Corr
0.56	NBCE	Neuberger Berman ETF	Pair Corr
0.55	IQSZ	Invesco Actively Managed	Pair Corr
0.47	ELON	Battleshares TSLA	Pair Corr
0.45	CPST	Calamos ETF Trust	Pair Corr
0.45	UMAY	Innovator ETFs Trust	Pair Corr
0.36	ITWO	Proshares Russell 2000	Pair Corr
0.36	XAUG	FT Cboe Vest	Pair Corr
0.34	WDNA	WisdomTree BioRevolution	Pair Corr
0.33	SIXJ	AIM ETF Products	Pair Corr
0.92	DOGG	First Trust Exchange	Pair Corr
0.84	UDI	USCF ETF Trust	Pair Corr
0.83	LVHI	Franklin International	Pair Corr
0.77	GENW	Spinnaker ETF Series	Pair Corr
0.76	DFSD	Dimensional ETF Trust	Pair Corr
0.76	QLV	FlexShares Quality Low	Pair Corr
0.76	LSEQ	Harbor ETF Trust	Pair Corr
0.76	TERG	Leverage Shares 2X	Pair Corr
0.73	FNDC	Schwab Fundamental	Pair Corr

Related Correlations Analysis

	IWX	CGBL	VNJTX	IVLU	NUGO	EVTR	EPI	SBIL	AOR	EWU
IWX		0.95	0.87	0.97	-0.4	0.85	-0.24	0.98	0.98	0.98	IWX
CGBL	0.95		0.75	0.89	-0.15	0.79	-0.33	0.93	0.97	0.92	CGBL
VNJTX	0.87	0.75		0.9	-0.61	0.89	0.02	0.87	0.85	0.89	VNJTX
IVLU	0.97	0.89	0.9		-0.53	0.89	-0.19	0.98	0.96	0.98	IVLU
NUGO	-0.4	-0.15	-0.61	-0.53		-0.51	0.0	-0.48	-0.29	-0.46	NUGO
EVTR	0.85	0.79	0.89	0.89	-0.51		-0.08	0.87	0.87	0.89	EVTR
EPI	-0.24	-0.33	0.02	-0.19	0.0	-0.08		-0.28	-0.23	-0.18	EPI
SBIL	0.98	0.93	0.87	0.98	-0.48	0.87	-0.28		0.96	0.98	SBIL
AOR	0.98	0.97	0.85	0.96	-0.29	0.87	-0.23	0.96		0.97	AOR
EWU	0.98	0.92	0.89	0.98	-0.46	0.89	-0.18	0.98	0.97		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

SBIL	+ 0.98	IWX
AOR	+ 0.98	IWX
EWU	+ 0.98	IWX
SBIL	+ 0.98	IVLU
EWU	+ 0.98	IVLU
EWU	+ 0.98	SBIL

High negative correlations

NUGO	- 0.61	VNJTX
NUGO	- 0.53	IVLU
EVTR	- 0.51	NUGO
SBIL	- 0.48	NUGO
EWU	- 0.46	NUGO
NUGO	- 0.4	IWX

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	0.50	0.08	0.11	0.18	0.36	(0.58)	1.26	(0.96)	2.70
CGBL	0.43	0.04	0.02	0.14	0.40	(0.46)	0.86	(0.85)	2.48
VNJTX	0.08	0.02	(0.24)	2.11	0.00	(0.13)	0.26	(0.09)	0.79
IVLU	0.64	0.18	0.21	0.30	0.45	(0.76)	1.55	(1.39)	3.46
NUGO	0.86	(0.12)	0.00	(0.07)	0.00	0.00	1.44	(2.27)	5.84
EVTR	0.12	0.02	(0.31)	0.70	0.00	(0.14)	0.33	(0.22)	0.64
EPI	0.69	(0.04)	0.00	(0.04)	0.00	0.00	1.14	(1.16)	4.78
SBIL	0.01	0.00	0.00	0.79	0.00	0.00	0.04	(0.01)	0.08
AOR	0.34	0.03	(0.01)	0.14	0.29	(0.36)	0.68	(0.64)	1.98
EWU	0.67	0.15	0.16	0.27	0.59	(0.78)	1.46	(1.06)	4.09

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