21Shares Bitcoin Correlations

Etfs . Switzerland . 
Etf . 21Shares Bitcoin Core
CBTC Etf   16.79  0.29  1.76%   
The current 90-days correlation between 21Shares Bitcoin Core and 21Shares Polygon ETP is 0.04 (i.e., Significant diversification). The correlation of 21Shares 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. If the correlation is 0, the equities are not correlated; they are entirely random.

21Shares Bitcoin Correlation With Market

Modest diversification

The correlation between 21Shares Bitcoin Core and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 21Shares Bitcoin Core and DJI in the same portfolio, assuming nothing else is changed.
  
The ability to find closely correlated positions to 21Shares 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 21Shares 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 21Shares 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 21Shares Bitcoin Core to buy it.

Moving against 21Shares Etf

  0.88JPSA JPM USD UltraPairCorr
  0.8SRECHA UBS ETF SXIPairCorr
  0.76LYJPN Lyxor Japan UCITSPairCorr
  0.74IUKD iShares UK DividendPairCorr
  0.73CBUS5A UBSFund SolutionsPairCorr
  0.73BATT LG Battery ValuePairCorr
  0.71ZSIL ZKB Silver ETFPairCorr
  0.7RGLDO Raiffeisen ETF SolidPairCorr
  0.69CSWCHF Amundi Index SolutionsPairCorr
  0.62CSINDU iShares VII PLCPairCorr
  0.56CSNKY iShares VII PLCPairCorr
  0.51DMFC iShares Edge MSCIPairCorr
  0.5ELOW SPDR EURO STOXXPairCorr
  0.49CSSPX iShares Core SPPairCorr
  0.49IUSA iShares SP 500PairCorr
  0.48JPNJPA UBSFund Solutions MSCIPairCorr
  0.43MSE Amundi EURO STOXXPairCorr
  0.42VUSA Vanguard SP 500PairCorr
  0.35IWDE iShares MSCI WorldPairCorr
  0.33ESDD BNP Paribas EasyPairCorr
  0.9IT25 iShares V PLCPairCorr
  0.89JPSRU UBSFund Solutions MSCIPairCorr
  0.86EMLOCA UBSFund SolutionsPairCorr
  0.81STUX SPDR MSCI EuropePairCorr
  0.78EVAL SPDR MSCI EuropePairCorr
  0.75WELL HAN GINS IndxxPairCorr
  0.72GSCU BNP Paribas EasyPairCorr
  0.7IJPC iShares MSCI JapanPairCorr
  0.65CAHCHA UBSFund Solutions MSCIPairCorr
  0.65SLICHA UBS ETF SLIPairCorr
  0.63CSGLDC iShares Gold CHFPairCorr
  0.62STZX SPDR MSCI EuropePairCorr

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

UBER
+ 0.84
MSFT
XOM
+ 0.75
F
XOM
+ 0.68
MRK
MSFT
+ 0.67
META
MRK
+ 0.67
F
T
+ 0.56
UBER
  

High negative correlations

MRK
- 0.85
UBER
MRK
- 0.78
MSFT
T
- 0.68
F
XOM
- 0.62
UBER
XOM
- 0.61
MSFT
F
- 0.6
UBER

21Shares Bitcoin Competition Risk-Adjusted Indicators

There is a big difference between 21Shares Etf performing well and 21Shares 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 21Shares 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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.37 (0.25) 0.00 (0.19) 0.00 
 0.00 
 2.30 
(2.72)
 13.52 
MSFT  0.89 (0.11) 0.00 (0.10) 0.00 
 0.00 
 1.78 
(2.50)
 5.08 
UBER  1.47 (0.34) 0.00 (0.25) 0.00 
 0.00 
 2.60 
(3.82)
 10.51 
F  1.51  0.13  0.08  0.16  1.68 
(1.65)
 3.38 
(2.63)
 16.30 
T  0.96 (0.21) 0.00 (0.71) 0.00 
 0.00 
 1.61 
(2.18)
 5.75 
A  1.20  0.11  0.09  0.18  1.20 
(1.33)
 2.34 
(2.21)
 11.03 
CRM  1.51  0.09  0.04  0.16  1.93 
(1.48)
 3.66 
(2.92)
 9.91 
JPM  1.07 (0.04)(0.01) 0.04  1.41 
(1.10)
 2.00 
(1.91)
 7.02 
MRK  1.41  0.44  0.32  0.61  0.96 
(1.80)
 4.85 
(1.98)
 11.45 
XOM  0.94  0.06  0.00  0.31  0.98 
(1.02)
 1.96 
(1.51)
 4.99 

21Shares Bitcoin Related Equities

One of the popular trading techniques among algorithmic traders is to use market-neutral strategies where every trade hedges away some risk. Because there are two separate transactions required, even if one position performs unexpectedly, the other equity can make up some of the losses. Below are some of the equities that can be combined with 21Shares Bitcoin etf to make a market-neutral strategy. Peer analysis of 21Shares Bitcoin could also be used in its relative valuation, which is a method of valuing 21Shares Bitcoin by comparing valuation metrics with similar companies.
 Risk & Return  Correlation
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