Bitwise Ethereum Correlations

ETHW Etf

22.83 0.49 2.19%

The current 90-days correlation between Bitwise Ethereum ETF and MAX S P is 0.57 (i.e., Very weak diversification). The correlation of Bitwise Ethereum 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.

Bitwise Ethereum Correlation With Market

Very weak diversification

The correlation between Bitwise Ethereum ETF and DJI is 0.44 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise Ethereum ETF and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bitwise Etf

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Bitwise Ethereum ETF. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in rate.

Moving together with Bitwise Etf

0.98	GBTC	Grayscale Bitcoin Trust	Pair Corr
0.98	BITO	ProShares Bitcoin Aggressive Push	Pair Corr
0.98	BTC	Grayscale Bitcoin Mini	Pair Corr
1.0	BTF	Valkyrie Bitcoin Strategy	Pair Corr
0.77	BCDF	Listed Funds Trust	Pair Corr
0.84	MSFT	Microsoft Sell-off Trend	Pair Corr
0.79	HPQ	HP Inc	Pair Corr

Moving against Bitwise Etf

0.83	KO	Coca Cola	Pair Corr
0.73	AXP	American Express	Pair Corr
0.71	XTJA	Innovator ETFs Trust	Pair Corr
0.68	QTJA	Innovator ETFs Trust	Pair Corr
0.63	XTAP	Innovator Equity Acc	Pair Corr
0.59	QTAP	Innovator Growth 100	Pair Corr
0.39	JPM	JPMorgan Chase	Pair Corr
0.36	XTOC	Innovator ETFs Trust	Pair Corr
0.34	LEGR	First Trust Indxx	Pair Corr
0.87	DD	Dupont De Nemours	Pair Corr
0.77	CAT	Caterpillar	Pair Corr
0.73	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.7	BAC	Bank of America	Pair Corr
0.68	TRV	The Travelers Companies	Pair Corr
0.64	MCD	McDonalds	Pair Corr
0.61	AA	Alcoa Corp	Pair Corr
0.57	MMM	3M Company	Pair Corr
0.54	IBM	International Business	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.67	0.45	-0.54	0.38	-0.39	0.24	-0.23	-0.42	-0.58	META
MSFT	0.67		0.85	-0.54	0.42	-0.07	-0.02	-0.42	-0.81	-0.64	MSFT
UBER	0.45	0.85		-0.58	0.52	0.09	-0.25	-0.47	-0.85	-0.67	UBER
F	-0.54	-0.54	-0.58		-0.64	0.28	0.34	0.54	0.63	0.77	F
T	0.38	0.42	0.52	-0.64		0.03	-0.63	-0.47	-0.38	-0.58	T
A	-0.39	-0.07	0.09	0.28	0.03		-0.42	-0.34	0.02	0.04	A
CRM	0.24	-0.02	-0.25	0.34	-0.63	-0.42		0.49	0.2	0.3	CRM
JPM	-0.23	-0.42	-0.47	0.54	-0.47	-0.34	0.49		0.57	0.56	JPM
MRK	-0.42	-0.81	-0.85	0.63	-0.38	0.02	0.2	0.57		0.76	MRK
XOM	-0.58	-0.64	-0.67	0.77	-0.58	0.04	0.3	0.56	0.76		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	+ 0.85	MSFT
XOM	+ 0.77	F
XOM	+ 0.76	MRK
MSFT	+ 0.67	META
MRK	+ 0.63	F
MRK	+ 0.57	JPM

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.81	MSFT
XOM	- 0.67	UBER
T	- 0.64	F
XOM	- 0.64	MSFT
CRM	- 0.63	T

Bitwise Ethereum Competition Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Ethereum 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 Bitwise Ethereum'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	1.39	(0.22)	0.00	(0.19)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.92	(0.17)	0.00	(0.25)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.45	(0.30)	0.00	(0.23)	0.00	0.00	2.60	(3.82)	10.51
F	1.48	0.12	0.08	0.14	1.67	(1.63)	3.38	(2.63)	16.30
T	0.96	(0.21)	0.00	(0.86)	0.00	0.00	1.61	(2.18)	5.75
A	1.17	0.05	0.04	0.10	1.25	(1.28)	2.12	(2.21)	11.03
CRM	1.51	0.06	0.03	0.13	1.97	(1.51)	3.66	(2.92)	9.91
JPM	1.08	(0.02)	0.00	0.04	1.41	(1.11)	2.00	(1.91)	7.02
MRK	1.32	0.33	0.25	0.46	1.03	(1.70)	3.84	(1.98)	11.45
XOM	0.91	0.12	0.08	0.52	0.82	(1.01)	1.96	(1.41)	4.99

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