Bit Digital Correlations

BTBT Stock

USD 2.24 0.05 2.28%

The current 90-days correlation between Bit Digital and Mercurity Fintech Holding is -0.11 (i.e., Good diversification). The correlation of Bit Digital 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.

Bit Digital Correlation With Market

Very weak diversification

The correlation between Bit Digital and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bit Digital and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bit Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bit Digital. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

For more information on how to buy Bit Stock please use our How to Invest in Bit Digital guide.

Moving together with Bit Stock

0.91	DT	Dynatrace Holdings LLC	Pair Corr
0.87	JG	Aurora Mobile	Pair Corr
0.97	VS	Versus Systems	Pair Corr
0.85	DOMO	Domo Inc Downward Rally	Pair Corr
0.88	002410	Glodon Software	Pair Corr
0.65	DSGX	Descartes Systems	Pair Corr
0.95	VRAR	Glimpse Group Tech Boost	Pair Corr
0.9	MSFT	Microsoft Corp CDR	Pair Corr
0.87	WDAY	Workday	Pair Corr
0.91	AUR	Aurora Innovation Aggressive Push	Pair Corr
0.85	688590	Shanghai Newtouch	Pair Corr
0.96	BSY	Bentley Systems	Pair Corr
0.94	PTC	PTC Inc	Pair Corr
0.92	RXT	Rackspace Technology	Pair Corr
0.94	SAP	SAP SE ADR	Pair Corr
0.97	TTD	Trade Desk	Pair Corr
0.87	TYL	Tyler Technologies	Pair Corr

Moving against Bit Stock

0.95	FRGE	Forge Global Holdings	Pair Corr
0.86	DAY	Dayforce	Pair Corr
0.77	TTGI	Turnium Technology	Pair Corr
0.74	U	Unity Software Sell-off Trend	Pair Corr
0.54	ZM	Zoom Video Communications	Pair Corr
0.47	FICO	Fair Isaac	Pair Corr
0.41	EGHT	8x8 Common Stock	Pair Corr
0.32	WALD	Waldencast Acquisition Earnings Call This Week	Pair Corr
0.9	MTC	MMTEC Inc	Pair Corr
0.78	YOU	Clear Secure	Pair Corr
0.71	LAW	CS Disco LLC	Pair Corr
0.51	300659	Zhongfu Information	Pair Corr

Related Correlations Analysis

	MFH	MHLA	DFIN	GEMI	PSEC	WAFD	BFC	ABTC	VRTS	DCOM
MFH		-0.04	-0.37	-0.69	-0.05	0.47	-0.21	-0.32	-0.63	-0.07	MFH
MHLA	-0.04		0.41	0.59	0.32	-0.84	-0.31	0.89	0.22	-0.74	MHLA
DFIN	-0.37	0.41		0.75	0.34	-0.53	0.25	0.56	0.82	0.1	DFIN
GEMI	-0.69	0.59	0.75		0.24	-0.8	0.16	0.8	0.82	-0.16	GEMI
PSEC	-0.05	0.32	0.34	0.24		-0.34	-0.16	0.36	0.22	-0.32	PSEC
WAFD	0.47	-0.84	-0.53	-0.8	-0.34		0.27	-0.87	-0.47	0.63	WAFD
BFC	-0.21	-0.31	0.25	0.16	-0.16	0.27		-0.2	0.35	0.71	BFC
ABTC	-0.32	0.89	0.56	0.8	0.36	-0.87	-0.2		0.5	-0.6	ABTC
VRTS	-0.63	0.22	0.82	0.82	0.22	-0.47	0.35	0.5		0.29	VRTS
DCOM	-0.07	-0.74	0.1	-0.16	-0.32	0.63	0.71	-0.6	0.29		DCOM
	MFH	MHLA	DFIN	GEMI	PSEC	WAFD	BFC	ABTC	VRTS	DCOM

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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

ABTC	+ 0.89	MHLA
VRTS	+ 0.82	DFIN
VRTS	+ 0.82	GEMI
ABTC	+ 0.8	GEMI
GEMI	+ 0.75	DFIN
DCOM	+ 0.71	BFC

High negative correlations

ABTC	- 0.87	WAFD
WAFD	- 0.84	MHLA
WAFD	- 0.8	GEMI
DCOM	- 0.74	MHLA
GEMI	- 0.69	MFH
VRTS	- 0.63	MFH

Risk-Adjusted Indicators

There is a big difference between Bit Stock performing well and Bit Digital Company 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 Bit Digital'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
MFH	9.93	2.61	0.16	(1.04)	12.20	(10.58)	21.69	(23.18)	62.77
MHLA	0.85	(0.18)	0.00	0.66	0.00	0.00	2.87	(2.82)	7.01
DFIN	1.84	(0.15)	0.00	(0.06)	0.00	0.00	4.49	(3.34)	18.98
GEMI	4.94	(1.29)	0.00	(0.23)	0.00	0.00	7.34	(10.18)	44.06
PSEC	1.41	(0.01)	(0.01)	0.05	1.48	(1.67)	3.94	(2.26)	10.92
WAFD	1.13	0.14	0.07	0.37	1.24	(1.20)	3.19	(2.17)	6.44
BFC	1.47	(0.14)	0.00	(0.05)	0.00	0.00	3.42	(3.06)	12.12
ABTC	4.90	(1.83)	0.00	(0.57)	0.00	0.00	11.29	(9.42)	51.30
VRTS	1.45	(0.26)	0.00	(0.16)	0.00	0.00	2.93	(4.08)	8.92
DCOM	1.49	(0.09)	0.00	(0.01)	0.00	0.00	3.62	(3.43)	11.22

Bit Digital Corporate Executives

Elected by the shareholders, the Bit Digital's board of directors comprises two types of representatives: Bit Digital inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Bit. The board's role is to monitor Bit Digital's management team and ensure that shareholders' interests are well served. Bit Digital's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Bit Digital's outside directors are responsible for providing unbiased perspectives on the board's policies.

Erke Huang

Secretary CFO

Profile

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