Bitwise Funds Correlations

IMRA Etf

USD 17.03 0.06 0.35%

The current 90-days correlation between Bitwise Funds Trust and Vanguard Institutional Total is 0.06 (i.e., Significant diversification). The correlation of Bitwise Funds 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.

Bitwise Funds Correlation With Market

Very weak diversification

The correlation between Bitwise Funds Trust and DJI is 0.46 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise Funds Trust and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bitwise Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Bitwise Funds 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 main economic indicators.

Moving together with Bitwise Etf

0.71

PUTW

WisdomTree CBOE SP Symbol Change

Pair Corr

Moving against Bitwise Etf

0.83	XYLD	Global X SP	Pair Corr
0.7	DIVO	Amplify CWP Enhanced	Pair Corr
0.7	BUYW	Main Buywrite ETF	Pair Corr
0.62	JEPI	JPMorgan Equity Premium	Pair Corr
0.57	KNG	FT Cboe Vest	Pair Corr
0.51	AGQ	ProShares Ultra Silver	Pair Corr
0.5	MUU	Direxion Daily MU Trending	Pair Corr
0.49	RYLD	Global X Russell	Pair Corr
0.49	MULL	GraniteShares 2x Long Trending	Pair Corr
0.44	GDMN	WisdomTree Efficient Gold Low Volatility	Pair Corr
0.41	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.4	IDME	International Drawdown	Pair Corr
0.39	NUGT	Direxion Daily Gold	Pair Corr
0.85	IBTG	iShares iBonds Dec	Pair Corr
0.75	PBJA	PGIM Rock ETF	Pair Corr
0.69	CPSU	Calamos SP 500	Pair Corr
0.66	HYSD	Columbia ETF Trust	Pair Corr
0.65	QLC	FlexShares Quality Large	Pair Corr
0.64	MYCI	SPDR SSGA My2029	Pair Corr
0.53	SIXS	6 Meridian Small	Pair Corr
0.52	GBUG	Sprott Active Gold	Pair Corr
0.44	HEZU	iShares Currency Hedged	Pair Corr
0.39	SHNY	Microsectors Gold	Pair Corr
0.93	PHT	PHT	Pair Corr
0.88	CLOX	Series Portfolios Trust	Pair Corr
0.84	FROG	Jfrog	Pair Corr
0.77	FSST	Fidelity Sustainability	Pair Corr
0.72	ZJAN	Innovator Equity Defined	Pair Corr
0.59	CPER	United States Copper	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.54	-0.62	0.54	-0.57	0.22	-0.15	-0.56	-0.61	META
MSFT	0.66		0.83	-0.51	0.36	-0.2	0.07	-0.32	-0.77	-0.61	MSFT
UBER	0.54	0.83		-0.61	0.57	-0.27	-0.14	-0.27	-0.85	-0.59	UBER
F	-0.62	-0.51	-0.61		-0.7	0.53	0.3	0.41	0.69	0.75	F
T	0.54	0.36	0.57	-0.7		-0.52	-0.5	-0.21	-0.53	-0.47	T
A	-0.57	-0.2	-0.27	0.53	-0.52		-0.18	-0.26	0.46	0.23	A
CRM	0.22	0.07	-0.14	0.3	-0.5	-0.18		0.37	0.07	0.17	CRM
JPM	-0.15	-0.32	-0.27	0.41	-0.21	-0.26	0.37		0.32	0.41	JPM
MRK	-0.56	-0.77	-0.85	0.69	-0.53	0.46	0.07	0.32		0.65	MRK
XOM	-0.61	-0.61	-0.59	0.75	-0.47	0.23	0.17	0.41	0.65		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	+ 0.83	MSFT
XOM	+ 0.75	F
MRK	+ 0.69	F
MSFT	+ 0.66	META
XOM	+ 0.65	MRK
T	+ 0.57	UBER

High negative correlations

MRK	- 0.85	UBER
MRK	- 0.77	MSFT
T	- 0.7	F
F	- 0.62	META
F	- 0.61	UBER
XOM	- 0.61	MSFT

Bitwise Funds Competition Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Funds 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 Funds' 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	(0.24)	0.00	(0.19)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.90	(0.11)	0.00	(0.11)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.46	(0.35)	0.00	(0.25)	0.00	0.00	2.60	(3.82)	10.51
F	1.51	0.13	0.08	0.16	1.69	(1.65)	3.38	(2.63)	16.30
T	0.97	(0.24)	0.00	(0.75)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.07	0.06	0.13	1.31	(1.37)	2.34	(2.21)	11.03
CRM	1.54	0.06	0.03	0.13	1.97	(1.52)	3.66	(2.92)	9.91
JPM	1.05	0.00	0.01	0.07	1.40	(1.05)	2.00	(1.91)	7.02
MRK	1.45	0.40	0.28	0.53	1.08	(1.84)	4.85	(2.06)	11.45
XOM	0.94	0.06	0.01	0.33	0.99	(1.00)	1.96	(1.51)	4.99

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