Purpose Bitcoin Correlations

BTCY-U Etf

6.90 0.02 0.29%

The current 90-days correlation between Purpose Bitcoin Yield and Purpose Enhanced Premium is 0.22 (i.e., Modest diversification). The correlation of Purpose 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.

Purpose Bitcoin Correlation With Market

Very good diversification

The correlation between Purpose Bitcoin Yield and DJI is -0.29 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Purpose Bitcoin Yield and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Purpose Bitcoin could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Purpose Bitcoin when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Purpose Bitcoin - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Purpose Bitcoin Yield to buy it.

Moving together with Purpose Etf

0.65	TCLB	TD Canadian Long	Pair Corr
0.67	HED	BetaPro SPTSX Capped	Pair Corr
0.68	HUC	Global X Crude	Pair Corr
0.9	HBLK	Blockchain Technologies	Pair Corr

Moving against Purpose Etf

0.69	ZEB	BMO SPTSX Equal	Pair Corr
0.58	XIU	iShares SPTSX 60	Pair Corr
0.56	XIC	iShares Core SPTSX	Pair Corr
0.56	ZCN	BMO SPTSX Capped	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.54	0.23	-0.16	0.16	-0.11	0.52	-0.05	-0.24	-0.25	META
MSFT	0.54		0.78	-0.54	0.54	0.28	0.35	-0.22	-0.84	-0.72	MSFT
UBER	0.23	0.78		-0.45	0.46	0.51	0.02	-0.36	-0.8	-0.5	UBER
F	-0.16	-0.54	-0.45		-0.69	-0.12	0.09	0.58	0.67	0.59	F
T	0.16	0.54	0.46	-0.69		0.55	-0.13	-0.4	-0.49	-0.66	T
A	-0.11	0.28	0.51	-0.12	0.55		-0.33	-0.24	-0.26	-0.38	A
CRM	0.52	0.35	0.02	0.09	-0.13	-0.33		0.56	-0.11	-0.36	CRM
JPM	-0.05	-0.22	-0.36	0.58	-0.4	-0.24	0.56		0.45	0.1	JPM
MRK	-0.24	-0.84	-0.8	0.67	-0.49	-0.26	-0.11	0.45		0.73	MRK
XOM	-0.25	-0.72	-0.5	0.59	-0.66	-0.38	-0.36	0.1	0.73		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	+ 0.78	MSFT
XOM	+ 0.73	MRK
MRK	+ 0.67	F
XOM	+ 0.59	F
JPM	+ 0.58	F
JPM	+ 0.56	CRM

High negative correlations

MRK	- 0.84	MSFT
MRK	- 0.8	UBER
XOM	- 0.72	MSFT
T	- 0.69	F
XOM	- 0.66	T
F	- 0.54	MSFT

Purpose Bitcoin Competition Risk-Adjusted Indicators

There is a big difference between Purpose Etf performing well and Purpose 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 Purpose 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
META	1.44	(0.19)	0.00	(0.11)	0.00	0.00	3.16	(2.67)	13.02
MSFT	1.05	(0.17)	0.00	(0.45)	0.00	0.00	1.78	(2.50)	4.90
UBER	1.45	(0.23)	0.00	(0.24)	0.00	0.00	2.60	(3.82)	10.23
F	1.42	0.03	0.04	0.09	1.38	(1.76)	3.38	(2.35)	16.30
T	0.87	(0.14)	0.00	(17.25)	0.00	0.00	1.53	(1.85)	4.30
A	1.21	(0.11)	0.00	(0.19)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.47	(0.27)	0.00	(0.18)	0.00	0.00	2.94	(3.10)	12.37
JPM	1.12	(0.08)	(0.02)	0.02	1.70	(1.09)	2.00	(3.11)	7.38
MRK	1.24	0.27	0.19	0.45	1.11	(1.53)	3.59	(1.98)	8.09
XOM	1.07	0.28	0.18	4.39	0.95	(1.26)	2.38	(1.51)	5.82

Be your own money manager

Our tools can tell you how much better you can do entering a position in Purpose Bitcoin without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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