IShares Bitcoin Correlations

IBIT Etf

USD 59.72 0.38 0.64%

The current 90-days correlation between iShares Bitcoin Trust and ProShares Trust is 0.77 (i.e., Poor diversification). The correlation of IShares 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.

IShares Bitcoin Correlation With Market

Good diversification

The correlation between iShares Bitcoin Trust and DJI is -0.05 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding iShares Bitcoin Trust and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in iShares Bitcoin Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in gross domestic product.

Moving together with IShares Etf

1.0	GBTC	Grayscale Bitcoin Trust	Pair Corr
1.0	BITO	ProShares Bitcoin	Pair Corr
0.89	BLOK	Amplify Transformational	Pair Corr
0.74	BITQ	Bitwise Crypto Industry	Pair Corr
0.92	SPBC	Simplify Equity PLUS	Pair Corr
1.0	BTC	Grayscale Bitcoin Mini	Pair Corr
0.68	DAPP	VanEck Digital Trans	Pair Corr
0.81	CRPT	First Trust SkyBridge	Pair Corr
0.62	UPRO	ProShares UltraPro SP500	Pair Corr
0.77	QTJA	Innovator ETFs Trust	Pair Corr
0.87	QTOC	Innovator ETFs Trust	Pair Corr
0.82	XTOC	Innovator ETFs Trust	Pair Corr
0.89	QTAP	Innovator Growth 100	Pair Corr
0.74	TSJA	TSJA	Pair Corr
0.7	XTJA	Innovator ETFs Trust	Pair Corr
0.76	DSJA	DSJA	Pair Corr
0.81	XDJA	Innovator ETFs Trust	Pair Corr
0.89	XTAP	Innovator Equity Acc	Pair Corr
0.78	BAC	Bank of America Sell-off Trend	Pair Corr
0.81	CSCO	Cisco Systems	Pair Corr
0.76	JPM	JPMorgan Chase	Pair Corr
0.88	WMT	Walmart Aggressive Push	Pair Corr

Moving against IShares Etf

0.76	JNJ	Johnson Johnson	Pair Corr
0.66	KO	Coca Cola Earnings Call This Week	Pair Corr
0.6	PFE	Pfizer Inc Earnings Call This Week	Pair Corr
0.51	XOM	Exxon Mobil Corp Earnings Call Today	Pair Corr
0.51	DD	Dupont De Nemours Earnings Call This Week	Pair Corr
0.49	HPQ	HP Inc	Pair Corr
0.46	INTC	Intel	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.62	-0.43	-0.5	0.58	0.77	0.5	0.62	-0.15	-0.63	META
MSFT	0.62		-0.46	-0.23	0.48	0.4	0.6	0.3	-0.01	-0.46	MSFT
UBER	-0.43	-0.46		0.65	-0.3	-0.2	-0.71	-0.25	0.31	0.78	UBER
F	-0.5	-0.23	0.65		0.05	-0.32	-0.17	-0.06	0.09	0.9	F
T	0.58	0.48	-0.3	0.05		0.41	0.67	0.59	-0.17	-0.17	T
A	0.77	0.4	-0.2	-0.32	0.41		0.25	0.72	-0.21	-0.39	A
CRM	0.5	0.6	-0.71	-0.17	0.67	0.25		0.5	-0.29	-0.41	CRM
JPM	0.62	0.3	-0.25	-0.06	0.59	0.72	0.5		-0.55	-0.24	JPM
MRK	-0.15	-0.01	0.31	0.09	-0.17	-0.21	-0.29	-0.55		0.16	MRK
XOM	-0.63	-0.46	0.78	0.9	-0.17	-0.39	-0.41	-0.24	0.16		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	+ 0.78	UBER
A	+ 0.77	META
JPM	+ 0.72	A
CRM	+ 0.67	T
F	+ 0.65	UBER

High negative correlations

CRM	- 0.71	UBER
XOM	- 0.63	META
MRK	- 0.55	JPM
F	- 0.5	META
XOM	- 0.46	MSFT
UBER	- 0.46	MSFT

IShares Bitcoin Competition Risk-Adjusted Indicators

There is a big difference between IShares Etf performing well and IShares 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 IShares 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	1.41	0.26	0.13	0.73	1.40	(1.61)	3.43	(2.31)	7.43
MSFT	1.12	(0.03)	0.00	(0.42)	0.00	0.00	2.20	(2.79)	7.31
UBER	1.56	(0.23)	0.00	(3.08)	0.00	0.00	2.67	(5.35)	12.29
F	1.47	(0.18)	0.00	(0.20)	0.00	0.00	2.57	(2.90)	11.21
T	1.00	0.10	0.04	0.30	1.08	(1.12)	1.91	(1.84)	7.94
A	1.20	0.19	0.11	0.48	1.06	(1.46)	2.92	(2.16)	8.06
CRM	1.51	0.34	0.15	2.71	1.42	(1.76)	3.70	(2.88)	14.80
JPM	1.05	0.25	0.15	0.96	1.05	(1.23)	1.92	(1.42)	15.87
MRK	1.03	(0.11)	0.00	(0.43)	0.00	0.00	2.00	(2.13)	5.24
XOM	0.82	(0.16)	0.00	(0.28)	0.00	0.00	1.71	(1.74)	6.06

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC