21Shares Bitwise Correlations
| KEYS Etf | USD 26.82 1.66 5.83% |
The current 90-days correlation between 21Shares Bitwise Select and 21Shares Bitcoin Suisse is 0.8 (i.e., Very poor diversification). The correlation of 21Shares Bitwise 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.
21Shares Bitwise Correlation With Market
Very good diversification
The correlation between 21Shares Bitwise Select and DJI is -0.34 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding 21Shares Bitwise Select and DJI in the same portfolio, assuming nothing else is changed.
21Shares |
The ability to find closely correlated positions to 21Shares Bitwise could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace 21Shares Bitwise 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 21Shares Bitwise - 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 21Shares Bitwise Select to buy it.
Moving together with 21Shares Etf
| 0.92 | BTCW | WisdomTree Physical | PairCorr |
| 0.96 | BITC | CoinShares Physical | PairCorr |
| 0.97 | ETHE | CoinShares Physical | PairCorr |
| 0.82 | AXRP | 21Shares Ripple XRP | PairCorr |
| 0.97 | ETHW | WisdomTree Ethereum ETC | PairCorr |
| 0.97 | ASOL | 21Shares Solana staking | PairCorr |
| 0.9 | BKCH | Global X Blockchain | PairCorr |
Moving against 21Shares Etf
| 0.58 | GGMUSY | UBS ETF plc | PairCorr |
| 0.53 | JPNCHF | UBSFund Solutions MSCI | PairCorr |
| 0.5 | ZSILUS | ZKB Silver ETF | PairCorr |
| 0.5 | SVUSA | UBS ETF Silver | PairCorr |
| 0.5 | ZSILHE | ZKB Silver ETF | PairCorr |
| 0.5 | ZSILHC | ZKB Silver ETF | PairCorr |
| 0.5 | ZSIL | ZKB Silver ETF | PairCorr |
| 0.44 | SMMCHA | UBS ETF SMIM | PairCorr |
| 0.35 | JREZ | JPM Eurozone Research | PairCorr |
| 0.34 | QDIV | iShares MSCI USA | PairCorr |
| 0.32 | ABCH | 21Shares Bitcoin Cash | PairCorr |
| 0.65 | AFLT | Amundi Index Solutions | PairCorr |
| 0.62 | UT1USA | UBSFund Solutions | PairCorr |
| 0.53 | STZX | SPDR MSCI Europe | PairCorr |
| 0.42 | JPESG | UBS ETF plc | PairCorr |
| 0.38 | XGLD | Xtrackers Physical Gold | PairCorr |
| 0.36 | JJEJ | JPMorgan ETFs ICAV | PairCorr |
| 0.35 | UKUKD | UBSFund Solutions MSCI | PairCorr |
Related Correlations Analysis
21Shares Bitwise Constituents Risk-Adjusted Indicators
There is a big difference between 21Shares Etf performing well and 21Shares Bitwise 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 21Shares Bitwise'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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| POLY | 11.28 | (0.14) | 0.00 | 0.33 | 0.00 | 25.89 | 76.58 | |||
| CBTC | 2.23 | (0.45) | 0.00 | (1.56) | 0.00 | 4.52 | 14.86 | |||
| ETHC | 3.33 | (0.81) | 0.00 | (2.06) | 0.00 | 6.90 | 17.81 | |||
| AXTZ | 3.20 | (0.24) | 0.00 | (0.18) | 0.00 | 7.34 | 22.98 | |||
| ABTC-GBP | 2.16 | (0.44) | 0.00 | (2.26) | 0.00 | 4.75 | 12.67 | |||
| ALGO-USD | 3.89 | (0.74) | 0.00 | 2.88 | 0.00 | 7.69 | 26.90 | |||
| AXLM-USD | 3.59 | (0.73) | 0.00 | (1.14) | 0.00 | 8.67 | 22.71 | |||
| AETH-USD | 3.11 | (0.47) | 0.00 | (1.49) | 0.00 | 6.64 | 17.90 | |||
| ABBA | 2.36 | (0.46) | 0.00 | (1.06) | 0.00 | 4.27 | 15.05 |
Be your own money manager
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