Bitwise 10 Correlations

BITW Etf

USD 51.35 4.31 7.74%

The current 90-days correlation between Bitwise 10 Crypto and Grayscale Bitcoin Trust is 0.97 (i.e., Almost no diversification). The correlation of Bitwise 10 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 10 Correlation With Market

Good diversification

The correlation between Bitwise 10 Crypto and DJI is -0.13 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise 10 Crypto and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bitwise 10 Crypto. Also, note that the market value of any otc etf could be closely tied with the direction of predictive economic indicators such as signals in child.

Moving against Bitwise OTC Etf

0.78	WNTR	YieldMax MSTR Short	Pair Corr
0.74	JUNE	JUNE Symbol Change	Pair Corr
0.48	IAU	iShares Gold Trust	Pair Corr
0.44	LENS	Sarmaya Thematic ETF	Pair Corr
0.43	SNPD	DBX ETF Trust Low Volatility	Pair Corr
0.42	AAIAX	AMERICAN BEACON INTE	Pair Corr
0.39	BSJT	Invesco BulletShares 2029	Pair Corr
0.38	HART	New York Life	Pair Corr
0.37	PXF	Invesco FTSE RAFI	Pair Corr
0.34	TOTL	SPDR DoubleLine Total	Pair Corr
0.33	USVM	VictoryShares Small Mid	Pair Corr
0.31	VBR	Vanguard Small Cap	Pair Corr
0.73	RAYC	Rayliant Asset Management	Pair Corr
0.62	XBI	SPDR SP Biotech	Pair Corr
0.57	VBIL	Vanguard 0 3	Pair Corr
0.44	NUDV	Nushares ETF Trust Low Volatility	Pair Corr
0.43	PMJA	PGIM SP 500	Pair Corr
0.4	CPSF	Calamos SP 500	Pair Corr
0.39	IBHJ	iShares Trust	Pair Corr
0.33	ISCV	iShares Morningstar	Pair Corr
0.33	CVNX	Defiance Daily Target	Pair Corr
0.32	IQDY	FlexShares International	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.01	-0.14	0.27	0.06	-0.43	0.16	0.07	0.17	0.26	META
MSFT	-0.01		0.72	-0.56	0.12	0.38	0.49	0.03	-0.76	-0.75	MSFT
UBER	-0.14	0.72		-0.49	0.25	0.53	0.11	-0.15	-0.76	-0.53	UBER
F	0.27	-0.56	-0.49		-0.44	-0.29	-0.03	0.37	0.69	0.66	F
T	0.06	0.12	0.25	-0.44		0.38	-0.32	-0.33	-0.32	-0.25	T
A	-0.43	0.38	0.53	-0.29	0.38		-0.02	-0.07	-0.36	-0.57	A
CRM	0.16	0.49	0.11	-0.03	-0.32	-0.02		0.66	-0.16	-0.54	CRM
JPM	0.07	0.03	-0.15	0.37	-0.33	-0.07	0.66		0.29	-0.12	JPM
MRK	0.17	-0.76	-0.76	0.69	-0.32	-0.36	-0.16	0.29		0.68	MRK
XOM	0.26	-0.75	-0.53	0.66	-0.25	-0.57	-0.54	-0.12	0.68		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

UBER	+ 0.72	MSFT
MRK	+ 0.69	F
XOM	+ 0.68	MRK
XOM	+ 0.66	F
JPM	+ 0.66	CRM
A	+ 0.53	UBER

High negative correlations

MRK	- 0.76	UBER
MRK	- 0.76	MSFT
XOM	- 0.75	MSFT
XOM	- 0.57	A
F	- 0.56	MSFT
XOM	- 0.54	CRM

Bitwise 10 Competition Risk-Adjusted Indicators

There is a big difference between Bitwise OTC Etf performing well and Bitwise 10 OTC 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 10'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	1.63	(0.12)	0.00	(0.07)	0.00	0.00	3.43	(2.72)	13.36
MSFT	1.22	(0.37)	0.00	(2.30)	0.00	0.00	1.78	(2.70)	13.28
UBER	1.46	(0.27)	0.00	(0.31)	0.00	0.00	2.46	(3.82)	10.23
F	1.23	0.05	0.04	0.09	1.22	(1.46)	3.38	(2.35)	7.16
T	0.96	0.04	0.01	0.21	1.04	(1.02)	1.85	(1.85)	3.77
A	1.20	(0.17)	0.00	(0.08)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.54	(0.31)	0.00	(0.26)	0.00	0.00	2.94	(4.26)	12.37
JPM	1.09	0.02	(0.02)	(0.11)	1.67	(1.09)	1.88	(3.11)	7.38
MRK	1.28	0.33	0.23	0.52	1.13	(1.56)	3.59	(1.98)	8.09
XOM	1.10	0.29	0.19	15.60	1.03	(1.26)	2.38	(2.11)	5.82

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