Grayscale CoinDesk Correlations

OTC Etfs . USA . 
Etf . Grayscale CoinDesk Crypto
GDLC Etf  USD 30.69  0.62  1.98%   
The current 90-days correlation between Grayscale CoinDesk Crypto and Invesco NASDAQ Internet is 0.31 (i.e., Weak diversification). The correlation of Grayscale CoinDesk 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.

Grayscale CoinDesk Correlation With Market

Very good diversification

The correlation between Grayscale CoinDesk Crypto and DJI is -0.45 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Grayscale CoinDesk Crypto 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 Grayscale CoinDesk Crypto. Also, note that the market value of any otc etf could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

Moving against Grayscale OTC Etf

  0.74PWV Invesco Dynamic LargePairCorr
  0.72RDIV Invesco SP UltraPairCorr
  0.67SYLD Cambria Shareholder YieldPairCorr
  0.66AVIG Avantis Core FixedPairCorr
  0.66IEO iShares Oil GasPairCorr
  0.65DBJP Xtrackers MSCI JapanPairCorr
  0.63DDLS WisdomTree DynamicPairCorr
  0.61VAW Vanguard Materials IndexPairCorr
  0.6TOUS T Rowe PricePairCorr
  0.56STXT EA Series TrustPairCorr
  0.56AHYB American Century ETFPairCorr
  0.56BBEU JPMorgan BetaBuildersPairCorr
  0.55YLD Principal Active HighPairCorr
  0.54SPMD SPDR Russell SmallPairCorr
  0.53BSCY Invesco BulletShares 2034PairCorr
  0.49CPST Calamos ETF TrustPairCorr
  0.48ITDD iShares TrustPairCorr
  0.48EEMA iShares MSCI EmergingPairCorr
  0.47BCD abrdn Bloomberg AllPairCorr
  0.43JULW AIM ETF ProductsPairCorr
  0.41SMH VanEck Semiconductor ETFPairCorr
  0.33ELON Battleshares TSLAPairCorr
  0.33RSPH Invesco SP 500PairCorr
  0.72GSIG Goldman Sachs AccessPairCorr
  0.71THD iShares MSCI ThailandPairCorr
  0.7ABI VictoryShares PioneerPairCorr
  0.68VUSB Vanguard Ultra ShortPairCorr
  0.66BND Vanguard Total BondPairCorr
  0.65XES SPDR SP OilPairCorr
  0.63IBMR iShares TrustPairCorr
  0.63BINC BlackRock ETF TrustPairCorr
  0.63BAMU Brookstone Ultra ShortPairCorr
  0.61XTN SPDR SP TransportationPairCorr
  0.55BHYB Xtrackers USD HighPairCorr
  0.55IAUM iShares Gold TrustPairCorr
  0.55PQNT 2023 ETFPairCorr

Related Correlations Analysis


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
+ 0.8
MRK
CRM
+ 0.79
MSFT
UBER
+ 0.78
MSFT
A
+ 0.76
UBER
A
+ 0.69
MSFT
MRK
+ 0.65
F
  

High negative correlations

XOM
- 0.9
MSFT
MRK
- 0.83
MSFT
XOM
- 0.8
CRM
MRK
- 0.79
UBER
XOM
- 0.76
A
XOM
- 0.73
UBER

Grayscale CoinDesk Competition Risk-Adjusted Indicators

There is a big difference between Grayscale OTC Etf performing well and Grayscale CoinDesk OTC 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 Grayscale CoinDesk'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 DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
META  1.52  0.04  0.01  0.13  1.51 
(1.82)
 3.43 
(2.82)
 13.69 
MSFT  1.34 (0.34) 0.00 (0.77) 0.00 
 0.00 
 1.90 
(2.74)
 13.28 
UBER  1.51 (0.41) 0.00 (0.71) 0.00 
 0.00 
 2.41 
(3.82)
 11.09 
F  1.19  0.03  0.01  0.11  1.20 
(1.46)
 3.38 
(2.35)
 7.16 
T  1.00  0.23  0.16 (9.07) 0.77 
(1.17)
 3.87 
(1.54)
 5.31 
A  1.25 (0.33) 0.00 (0.18) 0.00 
 0.00 
 2.90 
(2.73)
 7.85 
CRM  1.66 (0.44) 0.00 (0.38) 0.00 
 0.00 
 2.94 
(4.75)
 12.37 
JPM  1.27 (0.15) 0.00 (0.03) 0.00 
 0.00 
 2.34 
(3.11)
 7.38 
MRK  1.33  0.46  0.33  0.76  0.98 
(1.68)
 3.59 
(1.98)
 8.74 
XOM  1.24  0.38  0.22  1.59  1.14 
(1.43)
 2.68 
(2.12)
 5.85 

Be your own money manager

Our tools can tell you how much better you can do entering a position in Grayscale CoinDesk 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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