Bitcoin ETF Correlations

EBIT Etf

CAD 54.00 2.49 4.83%

The current 90-days correlation between Bitcoin ETF CAD and Bitcoin ETF is -0.07 (i.e., Good diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bitcoin ETF moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bitcoin ETF CAD moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bitcoin ETF Correlation With Market

Modest diversification

The correlation between Bitcoin ETF CAD and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin ETF CAD and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bitcoin ETF could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bitcoin ETF 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 Bitcoin ETF - 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 Bitcoin ETF CAD to buy it.

Moving together with Bitcoin Etf

1.0	BTCQ	3iQ Bitcoin ETF	Pair Corr
1.0	BTCC	Purpose Bitcoin CAD	Pair Corr
0.94	ETHQ	3iQ CoinShares Ether	Pair Corr
0.72	XIU	iShares SPTSX 60	Pair Corr
0.68	XSP	iShares Core SP	Pair Corr
0.69	XIC	iShares Core SPTSX	Pair Corr
0.7	ZCN	BMO SPTSX Capped	Pair Corr
0.93	ZSP	BMO SP 500	Pair Corr
0.93	VFV	Vanguard SP 500	Pair Corr
0.93	ZEB	BMO SPTSX Equal	Pair Corr
0.82	ZIC	BMO Mid Term	Pair Corr
0.83	XQQ	iShares NASDAQ 100	Pair Corr
0.71	TERM	Manulife Smart Short	Pair Corr
0.76	TIPS	BMO TIPS Index	Pair Corr
0.71	MCSB	Mackenzie Canadian Short	Pair Corr
0.91	UBIL-U	Global X 0	Pair Corr
0.86	FEQT	Fidelity All in	Pair Corr
0.9	XFN	iShares SPTSX Capped	Pair Corr
0.64	CXF	CI Canadian Convertible	Pair Corr
0.69	MPY	Mulvihill Premium Yield	Pair Corr
0.94	SITU	Scotia Equity Index	Pair Corr
0.84	PFAE	Picton Mahoney Fortified	Pair Corr
0.68	DXP	Dynamic Active Preferred	Pair Corr
0.9	CEW	iShares Equal Weight	Pair Corr
0.85	ZFC	BMO SIA Focused	Pair Corr
0.8	HRAA	Global X ReSolve	Pair Corr
0.89	HBGD-U	Global X Big	Pair Corr
0.8	ZUAG	BMO Aggregate Bond	Pair Corr
0.76	HRED	BetaPro Equal Weight	Pair Corr
0.69	HPR	Global X Active	Pair Corr
0.83	XFR	iShares Floating Rate	Pair Corr
0.8	EIT-PB	Canoe EIT Income	Pair Corr
0.83	EQCC	Global X All	Pair Corr
0.74	XDV	iShares Canadian Select	Pair Corr

Moving against Bitcoin Etf

0.99	BITI	BetaPro Inverse Bitcoin	Pair Corr
0.76	HUV	BetaPro SP 500	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.73	-0.57	-0.59	0.32	0.57	0.53	0.34	-0.06	-0.67	META
MSFT	0.73		-0.53	-0.24	0.56	0.23	0.65	0.25	-0.1	-0.47	MSFT
UBER	-0.57	-0.53		0.64	-0.58	-0.08	-0.78	-0.56	0.67	0.81	UBER
F	-0.59	-0.24	0.64		0.01	-0.25	-0.2	-0.07	0.2	0.9	F
T	0.32	0.56	-0.58	0.01		0.0	0.8	0.59	-0.45	-0.23	T
A	0.57	0.23	-0.08	-0.25	0.0		0.12	0.22	0.32	-0.19	A
CRM	0.53	0.65	-0.78	-0.2	0.8	0.12		0.7	-0.59	-0.44	CRM
JPM	0.34	0.25	-0.56	-0.07	0.59	0.22	0.7		-0.62	-0.25	JPM
MRK	-0.06	-0.1	0.67	0.2	-0.45	0.32	-0.59	-0.62		0.32	MRK
XOM	-0.67	-0.47	0.81	0.9	-0.23	-0.19	-0.44	-0.25	0.32		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

XOM	+ 0.9	F
XOM	+ 0.81	UBER
CRM	+ 0.8	T
MSFT	+ 0.73	META
JPM	+ 0.7	CRM
MRK	+ 0.67	UBER

High negative correlations

CRM	- 0.78	UBER
XOM	- 0.67	META
MRK	- 0.62	JPM
MRK	- 0.59	CRM
F	- 0.59	META
T	- 0.58	UBER

Bitcoin ETF Competition Risk-Adjusted Indicators

There is a big difference between Bitcoin Etf performing well and Bitcoin ETF 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 Bitcoin ETF'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	1.36	0.06	0.03	0.21	1.51	(1.56)	3.43	(3.15)	7.43
MSFT	0.92	0.04	0.01	1.07	1.58	(0.87)	2.09	(1.73)	8.14
UBER	1.63	(0.33)	0.00	(26.89)	0.00	0.00	2.67	(5.35)	12.29
F	1.38	(0.08)	0.00	(0.17)	0.00	0.00	2.38	(2.81)	11.21
T	0.97	0.08	0.06	0.24	1.10	(1.04)	1.91	(1.84)	7.96
A	1.21	0.03	0.01	0.09	1.45	(1.33)	2.72	(2.42)	8.06
CRM	1.41	0.17	0.10	0.79	1.45	(1.59)	3.16	(2.88)	14.80
JPM	1.03	0.25	0.17	1.11	1.11	(1.17)	1.92	(1.42)	15.87
MRK	1.00	(0.17)	0.00	(0.68)	0.00	0.00	1.74	(2.17)	5.17
XOM	0.76	(0.15)	0.00	(0.37)	0.00	0.00	1.71	(1.67)	6.06

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bitcoin ETF 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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