NEOS Bitcoin Correlations
| BTCI Etf | 41.49 0.05 0.12% |
The current 90-days correlation between NEOS Bitcoin High and Roundhill Ether Covered is 0.89 (i.e., Very poor diversification). The correlation of NEOS Bitcoin 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.
NEOS Bitcoin Correlation With Market
Good diversification
The correlation between NEOS Bitcoin High and DJI is -0.18 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding NEOS Bitcoin High and DJI in the same portfolio, assuming nothing else is changed.
Moving together with NEOS Etf
| 0.94 | GBTC | Grayscale Bitcoin Trust | PairCorr |
| 0.94 | BITO | ProShares Bitcoin | PairCorr |
| 0.94 | BTC | Grayscale Bitcoin Mini | PairCorr |
| 0.92 | BTF | Valkyrie Bitcoin Strategy | PairCorr |
| 0.72 | MSFT | Microsoft | PairCorr |
Moving against NEOS Etf
| 0.73 | CSCO | Cisco Systems Sell-off Trend | PairCorr |
| 0.71 | JNJ | Johnson Johnson Sell-off Trend | PairCorr |
| 0.7 | MRK | Merck Company Earnings Call This Week | PairCorr |
| 0.61 | DD | Dupont De Nemours | PairCorr |
| 0.59 | PFE | Pfizer Inc Earnings Call This Week | PairCorr |
| 0.51 | KO | Coca Cola Aggressive Push | PairCorr |
| 0.38 | AA | Alcoa Corp | PairCorr |
| 0.34 | XOM | Exxon Mobil Corp Aggressive Push | PairCorr |
| 0.31 | CPST | Calamos ETF Trust | PairCorr |
Related Correlations Analysis
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
| High negative correlations
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NEOS Bitcoin Constituents Risk-Adjusted Indicators
There is a big difference between NEOS Etf performing well and NEOS 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 NEOS 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| NEHI | 2.25 | (0.28) | 0.00 | (0.55) | 0.00 | 4.10 | 13.70 | |||
| ETCO | 2.70 | (0.49) | 0.00 | (0.24) | 0.00 | 4.52 | 16.16 | |||
| ETTY | 3.13 | (0.57) | 0.00 | (0.29) | 0.00 | 6.34 | 18.59 | |||
| BPI | 2.01 | (0.45) | 0.00 | (0.37) | 0.00 | 3.18 | 11.38 | |||
| EHY | 2.84 | (0.53) | 0.00 | (0.30) | 0.00 | 5.12 | 16.71 | |||
| XRPM | 2.68 | (0.45) | 0.00 | (0.32) | 0.00 | 7.06 | 20.34 | |||
| GLNK | 4.08 | (1.62) | 0.00 | (0.55) | 0.00 | 7.74 | 29.59 | |||
| YBTC | 1.96 | (0.42) | 0.00 | (0.30) | 0.00 | 3.22 | 12.36 | |||
| YETH | 2.97 | (0.50) | 0.00 | (0.23) | 0.00 | 6.85 | 15.81 |