Bitcoin Fund Correlations

QBTC Stock

118.68 0.67 0.57%

The current 90-days correlation between Bitcoin Fund Unit and Healthcare Special Opportunities is 0.08 (i.e., Significant diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Bitcoin Fund moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Bitcoin Fund Unit moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Bitcoin Fund Correlation With Market

Modest diversification

The correlation between Bitcoin Fund Unit and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin Fund Unit and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Bitcoin Fund could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Bitcoin Fund 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 Bitcoin Fund - 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 Bitcoin Fund Unit to buy it.

Moving against Bitcoin Stock

0.85	CCL-A	CCL Industries	Pair Corr
0.73	MERG	Metal Energy Corp	Pair Corr
0.69	LGC	Lavras Gold Corp	Pair Corr
0.68	LNR	Linamar	Pair Corr
0.66	AQN-PD	Algonquin Power Utilities	Pair Corr
0.63	AZS	Arizona Gold Silver	Pair Corr
0.53	MMG	Metallic Minerals Corp	Pair Corr
0.44	GMG	Graphene Manufacturing	Pair Corr
0.44	GSPR	GSP Resource Corp Earnings Call This Week	Pair Corr
0.39	SCD	Scandium Canada	Pair Corr
0.37	ARE	Aecon Group	Pair Corr
0.35	SNG	Silver Range Resources	Pair Corr
0.34	BEP-PM	Brookfield Renewable Earnings Call This Week	Pair Corr
0.32	PPTA	Perpetua Resources Corp	Pair Corr
0.31	PGDC	Patagonia Gold Corp	Pair Corr
0.76	ABXX	Abaxx Technologies	Pair Corr
0.69	PAAS	Pan American Silver	Pair Corr
0.64	DBM	Doman Building Materials	Pair Corr
0.61	MTL	Mullen Group	Pair Corr
0.6	TD-PFI	Toronto Dominion Bank	Pair Corr
0.6	BYN	Banyan Gold Corp Earnings Call Today	Pair Corr
0.59	VOXR	Vox Royalty Corp	Pair Corr
0.58	TIG	Triumph Gold Corp	Pair Corr
0.56	PX	Pelangio Exploration	Pair Corr
0.56	SOI	Sirios Resources	Pair Corr
0.56	JUGR	Juggernaut Exploration Earnings Call Tomorrow	Pair Corr
0.49	MGG	Minaurum Gold	Pair Corr
0.47	AUXX	Gold X2 Mining	Pair Corr

Related Correlations Analysis

	MDS-UN	CTF-UN	YCM	BGI-UN	MID-UN	RBN-UN	ENI-UN	NPS
MDS-UN		0.14	0.15	0.06	0.24	-0.23	0.46	0.06	MDS-UN
CTF-UN	0.14		0.59	0.61	0.67	-0.42	0.42	0.62	CTF-UN
YCM	0.15	0.59		0.92	0.86	-0.61	0.33	0.94	YCM
BGI-UN	0.06	0.61	0.92		0.8	-0.5	0.19	0.89	BGI-UN
MID-UN	0.24	0.67	0.86	0.8		-0.5	0.44	0.85	MID-UN
RBN-UN	-0.23	-0.42	-0.61	-0.5	-0.5		-0.28	-0.55	RBN-UN
ENI-UN	0.46	0.42	0.33	0.19	0.44	-0.28		0.37	ENI-UN
NPS	0.06	0.62	0.94	0.89	0.85	-0.55	0.37		NPS
	MDS-UN	CTF-UN	YCM	BGI-UN	MID-UN	RBN-UN	ENI-UN	NPS

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

NPS	+ 0.94	YCM
BGI-UN	+ 0.92	YCM
NPS	+ 0.89	BGI-UN
MID-UN	+ 0.86	YCM
NPS	+ 0.85	MID-UN
MID-UN	+ 0.8	BGI-UN

High negative correlations

RBN-UN	- 0.61	YCM
NPS	- 0.55	RBN-UN
RBN-UN	- 0.5	MID-UN
RBN-UN	- 0.5	BGI-UN
RBN-UN	- 0.42	CTF-UN
ENI-UN	- 0.28	RBN-UN

Risk-Adjusted Indicators

There is a big difference between Bitcoin Stock performing well and Bitcoin Fund Company 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 Bitcoin Fund'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
MDS-UN	1.64	(0.07)	0.00	(0.03)	0.00	0.00	3.98	(3.46)	13.66
CTF-UN	1.58	0.07	0.01	0.19	2.35	(2.01)	3.23	(3.64)	25.29
YCM	1.26	0.46	0.10	79.62	1.07	(2.89)	4.89	(1.52)	12.45
BGI-UN	1.27	0.29	0.16	0.95	0.99	(1.76)	3.68	(2.05)	8.44
MID-UN	0.56	0.06	0.00	0.29	0.59	(0.71)	1.09	(1.34)	4.15
RBN-UN	1.79	0.05	(0.01)	0.67	2.59	(2.64)	8.11	(4.73)	17.45
ENI-UN	2.64	0.12	0.01	0.34	4.11	(4.13)	7.01	(9.22)	33.13
NPS	0.98	0.34	0.15	(0.90)	0.86	(1.11)	2.47	(1.86)	7.36

Be your own money manager

Our tools can tell you how much better you can do entering a position in Bitcoin Fund without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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