Bitwise Funds Correlations

IMST Etf

9.29 1.70 15.47%

The current 90-days correlation between Bitwise Funds Trust and Duff And Phelps is 0.09 (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. If the correlation is 0, the equities are not correlated; they are entirely random.

Bitwise Funds Correlation With Market

Very good diversification

The correlation between Bitwise Funds Trust and DJI is -0.5 (i.e., Very good 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	MSFT	Microsoft	Pair Corr
0.67	HPQ	HP Inc	Pair Corr

Moving against Bitwise Etf

0.77	XYLD	Global X SP	Pair Corr
0.74	AHYB	American Century ETF	Pair Corr
0.7	JEPI	JPMorgan Equity Premium	Pair Corr
0.7	KNG	FT Cboe Vest Low Volatility	Pair Corr
0.69	BUYW	Main Buywrite ETF	Pair Corr
0.68	XTAP	Innovator Equity Acc	Pair Corr
0.65	XTJA	Innovator ETFs Trust	Pair Corr
0.64	QTAP	Innovator Growth 100	Pair Corr
0.58	RDIV	Invesco SP Ultra	Pair Corr
0.55	QTJA	Innovator ETFs Trust	Pair Corr
0.54	DIVO	Amplify CWP Enhanced	Pair Corr
0.51	RYLD	Global X Russell	Pair Corr
0.51	XTOC	Innovator ETFs Trust	Pair Corr
0.5	IDME	International Drawdown	Pair Corr
0.41	JEPQ	JPMorgan Nasdaq Equity	Pair Corr
0.39	VBK	Vanguard Small Cap	Pair Corr
0.33	QTOC	Innovator ETFs Trust	Pair Corr
0.88	MRK	Merck Company Aggressive Push	Pair Corr
0.75	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.7	BINC	BlackRock ETF Trust	Pair Corr
0.65	AA	Alcoa Corp	Pair Corr
0.64	OASC	OneAscent Small Cap	Pair Corr
0.61	PFE	Pfizer Inc Aggressive Push	Pair Corr
0.56	TRV	The Travelers Companies	Pair Corr
0.52	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.5	KO	Coca Cola Aggressive Push	Pair Corr
0.45	BA	Boeing	Pair Corr
0.45	CAT	Caterpillar	Pair Corr
0.4	VZ	Verizon Communications Aggressive Push	Pair Corr
0.36	BAC	Bank of America Aggressive Push	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		-0.41	-0.43	0.44	-0.01	-0.57	0.03	0.31	0.43	0.45	META
MSFT	-0.41		0.72	-0.56	-0.09	0.49	0.62	0.04	-0.8	-0.83	MSFT
UBER	-0.43	0.72		-0.49	0.12	0.59	0.23	-0.16	-0.8	-0.59	UBER
F	0.44	-0.56	-0.49		-0.39	-0.33	-0.1	0.38	0.71	0.65	F
T	-0.01	-0.09	0.12	-0.39		0.27	-0.38	-0.15	-0.12	-0.09	T
A	-0.57	0.49	0.59	-0.33	0.27		0.12	-0.06	-0.41	-0.62	A
CRM	0.03	0.62	0.23	-0.1	-0.38	0.12		0.59	-0.29	-0.64	CRM
JPM	0.31	0.04	-0.16	0.38	-0.15	-0.06	0.59		0.25	-0.11	JPM
MRK	0.43	-0.8	-0.8	0.71	-0.12	-0.41	-0.29	0.25		0.72	MRK
XOM	0.45	-0.83	-0.59	0.65	-0.09	-0.62	-0.64	-0.11	0.72		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	+ 0.72	MSFT
XOM	+ 0.72	MRK
MRK	+ 0.71	F
XOM	+ 0.65	F
CRM	+ 0.62	MSFT
A	+ 0.59	UBER

High negative correlations

XOM	- 0.83	MSFT
MRK	- 0.8	UBER
MRK	- 0.8	MSFT
XOM	- 0.64	CRM
XOM	- 0.62	A
XOM	- 0.59	UBER

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	1.55	(0.03)	(0.02)	0.02	1.62	(1.79)	3.43	(2.72)	13.36
MSFT	1.23	(0.36)	0.00	(1.95)	0.00	0.00	1.78	(2.70)	13.28
UBER	1.57	(0.43)	0.00	(0.52)	0.00	0.00	2.46	(5.06)	10.23
F	1.22	0.04	0.04	0.10	1.20	(1.45)	3.38	(2.35)	7.16
T	0.95	0.11	0.06	0.72	0.94	(1.05)	2.02	(1.76)	4.31
A	1.22	(0.18)	0.00	(0.08)	0.00	0.00	2.90	(2.58)	7.85
CRM	1.64	(0.42)	0.00	(0.32)	0.00	0.00	2.94	(5.31)	12.37
JPM	1.12	(0.03)	0.00	0.03	1.63	(1.14)	2.18	(3.11)	7.38
MRK	1.32	0.46	0.31	0.65	1.07	(1.63)	3.59	(1.98)	8.09
XOM	1.15	0.00	0.27	0.00	0.92	(1.37)	2.69	(2.11)	5.85

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