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
0.79	MSFT	Microsoft	Pair Corr
0.74	HPQ	HP Inc	Pair Corr
0.86	HD	Home Depot	Pair Corr

Moving against Wisdom Etf

0.5	JEPI	JPMorgan Equity Premium Sell-off Trend	Pair Corr
0.47	JNUG	Direxion Daily Junior	Pair Corr
0.47	NUGT	Direxion Daily Gold	Pair Corr
0.46	AGQ	ProShares Ultra Silver Downward Rally	Pair Corr
0.41	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
0.35	SHNY	Microsectors Gold	Pair Corr
0.88	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.87	TRV	The Travelers Companies Earnings Call This Week	Pair Corr
0.79	JNJ	Johnson Johnson Earnings Call This Week	Pair Corr
0.76	MRK	Merck Company	Pair Corr
0.76	DD	Dupont De Nemours	Pair Corr
0.73	PFE	Pfizer Inc	Pair Corr
0.59	VZ	Verizon Communications	Pair Corr
0.56	KO	Coca Cola Sell-off Trend	Pair Corr
0.56	BAC	Bank of America	Pair Corr
0.51	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.47	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.46	JPM	JPMorgan Chase	Pair Corr
0.45	AA	Alcoa Corp Earnings Call This Week	Pair Corr
0.39	INOV	Innovator ETFs Trust	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.5	0.32	-0.45	0.3	-0.24	0.34	-0.22	-0.32	-0.43	META
MSFT	0.5		0.81	-0.55	0.46	0.03	0.09	-0.46	-0.83	-0.66	MSFT
UBER	0.32	0.81		-0.49	0.47	0.32	-0.16	-0.47	-0.78	-0.54	UBER
F	-0.45	-0.55	-0.49		-0.7	0.02	0.26	0.64	0.71	0.74	F
T	0.3	0.46	0.47	-0.7		0.32	-0.52	-0.61	-0.5	-0.65	T
A	-0.24	0.03	0.32	0.02	0.32		-0.56	-0.29	-0.09	-0.09	A
CRM	0.34	0.09	-0.16	0.26	-0.52	-0.56		0.54	0.16	0.14	CRM
JPM	-0.22	-0.46	-0.47	0.64	-0.61	-0.29	0.54		0.64	0.53	JPM
MRK	-0.32	-0.83	-0.78	0.71	-0.5	-0.09	0.16	0.64		0.78	MRK
XOM	-0.43	-0.66	-0.54	0.74	-0.65	-0.09	0.14	0.53	0.78		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	+ 0.81	MSFT
XOM	+ 0.78	MRK
XOM	+ 0.74	F
MRK	+ 0.71	F
JPM	+ 0.64	F
MRK	+ 0.64	JPM

High negative correlations

MRK	- 0.83	MSFT
MRK	- 0.78	UBER
T	- 0.7	F
XOM	- 0.66	MSFT
XOM	- 0.65	T
JPM	- 0.61	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	0.93	(0.17)	0.00	1.61	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	1.41	0.28	0.14	1.45	1.25	(1.70)	3.38	(2.35)	16.30
T	0.90	(0.10)	0.00	3.59	0.00	0.00	1.63	(1.85)	5.78
A	1.14	(0.09)	(0.05)	0.02	1.39	(1.20)	2.34	(2.22)	6.50
CRM	1.58	(0.08)	0.00	(4.41)	0.00	0.00	3.66	(3.61)	12.37
JPM	1.14	0.00	(0.04)	0.09	1.66	(1.13)	2.00	(2.34)	7.38
MRK	1.22	0.36	0.25	0.78	0.97	(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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