Wisdom Tree Correlations

BTCW Etf

101.21 0.38 0.38%

The current 90-days correlation between Wisdom Tree Bitcoin and Grayscale Bitcoin Trust is 1.0 (i.e., No risk reduction). The correlation of Wisdom Tree 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.

Wisdom Tree Correlation With Market

Weak diversification

The correlation between Wisdom Tree Bitcoin and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Wisdom Tree Bitcoin and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Wisdom Etf

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

Moving together with Wisdom Etf

1.0	GBTC	Grayscale Bitcoin Trust	Pair Corr
1.0	BITO	ProShares Bitcoin Aggressive Push	Pair Corr
1.0	BTC	Grayscale Bitcoin Mini	Pair Corr
0.99	BTF	Valkyrie Bitcoin Strategy	Pair Corr

Moving against Wisdom Etf

0.52	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.49	NUGT	Direxion Daily Gold	Pair Corr
0.47	JNUG	Direxion Daily Junior	Pair Corr
0.46	AGQ	ProShares Ultra Silver Downward Rally	Pair Corr
0.43	GDXU	MicroSectors Gold Miners	Pair Corr
0.35	MUU	Direxion Daily MU Upward Rally	Pair Corr
0.35	MULL	GraniteShares 2x Long Upward Rally	Pair Corr
0.82	MKTN	Federated Hermes ETF	Pair Corr
0.76	SGVT	Schwab Strategic Trust	Pair Corr
0.57	FUSI	American Century ETF	Pair Corr
0.57	GAPR	First Trust Exchange	Pair Corr
0.51	HYLB	Xtrackers USD High	Pair Corr
0.48	USHY	iShares Broad USD	Pair Corr
0.47	SKOR	FlexShares Credit	Pair Corr
0.44	XLF	Financial Select Sector	Pair Corr
0.37	DIHP	Dimensional International	Pair Corr
0.35	DXUV	Dimensional ETF Trust	Pair Corr
0.33	PQJL	PGIM Nasdaq 100	Pair Corr
0.71	STOT	SPDR DoubleLine Short	Pair Corr
0.7	JPIE	JP Morgan Exchange	Pair Corr
0.7	EKG	First Trust Nasdaq	Pair Corr
0.54	FIVA	Fidelity International	Pair Corr
0.5	SLV	iShares Silver Trust Aggressive Push	Pair Corr
0.49	PAPI	Morgan Stanley ETF	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.6	0.32	-0.39	0.24	-0.24	0.43	-0.19	-0.35	-0.43	META
MSFT	0.6		0.8	-0.55	0.48	0.06	0.13	-0.45	-0.84	-0.7	MSFT
UBER	0.32	0.8		-0.49	0.44	0.32	-0.14	-0.5	-0.81	-0.54	UBER
F	-0.39	-0.55	-0.49		-0.71	0.09	0.24	0.66	0.71	0.73	F
T	0.24	0.48	0.44	-0.71		0.32	-0.45	-0.6	-0.51	-0.64	T
A	-0.24	0.06	0.32	0.09	0.32		-0.5	-0.26	-0.06	-0.09	A
CRM	0.43	0.13	-0.14	0.24	-0.45	-0.5		0.52	0.11	0.02	CRM
JPM	-0.19	-0.45	-0.5	0.66	-0.6	-0.26	0.52		0.64	0.52	JPM
MRK	-0.35	-0.84	-0.81	0.71	-0.51	-0.06	0.11	0.64		0.79	MRK
XOM	-0.43	-0.7	-0.54	0.73	-0.64	-0.09	0.02	0.52	0.79		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	+ 0.8	MSFT
XOM	+ 0.79	MRK
XOM	+ 0.73	F
MRK	+ 0.71	F
JPM	+ 0.66	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.81	UBER
T	- 0.71	F
XOM	- 0.7	MSFT
XOM	- 0.64	T
JPM	- 0.6	T

Wisdom Tree Competition Risk-Adjusted Indicators

There is a big difference between Wisdom Etf performing well and Wisdom Tree 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 Wisdom Tree'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	1.32	(0.28)	0.00	(0.20)	0.00	0.00	2.30	(2.67)	13.46
MSFT	0.94	(0.21)	0.00	(0.38)	0.00	0.00	1.65	(2.50)	4.90
UBER	1.46	(0.23)	0.00	(0.17)	0.00	0.00	2.60	(3.82)	10.23
F	1.42	0.13	0.12	0.18	1.27	(1.72)	3.38	(2.35)	16.30
T	0.89	(0.18)	0.00	(0.42)	0.00	0.00	1.53	(1.85)	4.30
A	1.14	(0.09)	(0.05)	0.02	1.39	(1.20)	2.34	(2.22)	6.50
CRM	1.57	(0.16)	0.00	(0.06)	0.00	0.00	3.66	(2.92)	12.37
JPM	1.12	(0.07)	(0.02)	0.04	1.59	(1.13)	2.00	(2.34)	7.38
MRK	1.23	0.32	0.23	0.44	1.01	(1.55)	3.59	(1.98)	8.09
XOM	1.07	0.23	0.12	2.92	0.98	(1.24)	2.37	(1.51)	5.82

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