ProShares Bitcoin Correlations

Etfs . USA . 
Etf . ProShares Bitcoin Strategy
BITO Etf  USD 9.56  0.66  7.42%   
The current 90-days correlation between ProShares Bitcoin and Listed Funds Trust is 0.37 (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 -0.46 (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.
  
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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

  0.81GBTC Grayscale Bitcoin TrustPairCorr
  0.82BTC Grayscale Bitcoin MiniPairCorr
  1.0BTF CoinShares Bitcoin andPairCorr

Moving against ProShares Etf

  0.83BND Vanguard Total Bond Sell-off TrendPairCorr
  0.83SEA US Global SeaPairCorr
  0.79FMHI First Trust MunicipalPairCorr
  0.78SCDV ETF Series SolutionsPairCorr
  0.76USO United States OilPairCorr
  0.73AMPD Tidal ETF ServicesPairCorr
  0.65UEVM VictoryShares EmergingPairCorr
  0.65DFIV Dimensional InternationalPairCorr
  0.64LALT Invesco Multi StrategyPairCorr
  0.64CFA VictoryShares 500PairCorr
  0.62DXJ WisdomTree Japan HedgedPairCorr
  0.6ESGD iShares ESG AwarePairCorr
  0.53HEEM iShares Currency HedgedPairCorr
  0.53CVMC Morgan Stanley ETFPairCorr
  0.52FEM First Trust EmergingPairCorr
  0.52HCMAX THE HILLMAN FUNDPairCorr
  0.52IAU iShares Gold Trust Aggressive PushPairCorr
  0.47CPST Calamos ETF TrustPairCorr
  0.46EAFG Pacer Funds TrustPairCorr
  0.45BIB ProShares Ultra NasdaqPairCorr
  0.44QTAP Innovator Growth 100PairCorr
  0.4ELON Battleshares TSLAPairCorr
  0.35ITWO Proshares Russell 2000PairCorr
  0.78ISTB iShares Core 1PairCorr
  0.78VYMI Vanguard InternationalPairCorr
  0.75STXV EA Series TrustPairCorr
  0.75TAXT Northern Trust TaxPairCorr
  0.74RHRX Starboard InvestmentPairCorr
  0.72NRES Xtrackers RREEF GlobalPairCorr
  0.69LQIG SPDR MarketAxess InvPairCorr
  0.69VDC Vanguard Consumer StaplesPairCorr
  0.67AVUV Avantis Small CapPairCorr

Related Correlations Analysis


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.

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