Bitcoin Depot Correlations

BTMWW Stock

0.59 0.08 15.69%

The current 90-days correlation between Bitcoin Depot and Neogen is 0.19 (i.e., Average diversification). The correlation of Bitcoin Depot 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.

Bitcoin Depot Correlation With Market

Significant diversification

The correlation between Bitcoin Depot and DJI is 0.07 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitcoin Depot and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bitcoin Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Bitcoin Depot. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in housing.

For more information on how to buy Bitcoin Stock please use our How to Invest in Bitcoin Depot guide.

Moving together with Bitcoin Stock

0.82	GS	Goldman Sachs Group	Pair Corr
0.66	MC	Moelis Earnings Call This Week	Pair Corr
0.77	SF	Stifel Financial Earnings Call This Week	Pair Corr
0.91	WSBF	Waterstone Financial	Pair Corr
0.72	AMP	Ameriprise Financial Earnings Call This Week	Pair Corr
0.73	AXP	American Express	Pair Corr
0.75	COF	Capital One Financial Earnings Call This Week	Pair Corr
0.81	EVR	Evercore Partners Earnings Call This Week	Pair Corr
0.68	HLI	Houlihan Lokey	Pair Corr
0.64	JXN	Jackson Financial	Pair Corr
0.68	LAZ	Lazard Earnings Call This Week	Pair Corr
0.68	OPY	Oppenheimer Holdings Earnings Call This Week	Pair Corr
0.79	PJT	PJT Partners	Pair Corr
0.66	PWP	Perella Weinberg Partners	Pair Corr
0.78	SCM	Stellus Capital Inve	Pair Corr
0.7	GAIN	Gladstone Investment	Pair Corr
0.78	GLAD	Gladstone Capital	Pair Corr
0.9	GROW	US Global Investors	Pair Corr
0.77	HTGC	Hercules Capital	Pair Corr
0.63	LMFA	LM Funding America Upward Rally	Pair Corr
0.85	MAIN	Main Street Capital	Pair Corr
0.69	OPFI	OppFi Inc	Pair Corr
0.78	PFLT	PennantPark Floating Rate	Pair Corr
0.68	PIPR	Piper Sandler Companies Earnings Call This Week	Pair Corr
0.68	PYPL	PayPal Holdings Aggressive Push	Pair Corr
0.81	ALLY	Ally Financial	Pair Corr

Moving against Bitcoin Stock

0.66	EZPW	EZCORP Inc	Pair Corr
0.93	SRL	Scully Royalty	Pair Corr
0.7	AIHS	Senmiao Technology	Pair Corr
0.69	PSEC	Prospect Capital	Pair Corr
0.63	ORGN	Origin Materials	Pair Corr

Related Correlations Analysis

	NEOG	MATV	ARDX	XWEL	MOS
NEOG		-0.04	-0.42	0.1	0.23	NEOG
MATV	-0.04		-0.29	0.88	0.85	MATV
ARDX	-0.42	-0.29		-0.45	-0.53	ARDX
XWEL	0.1	0.88	-0.45		0.87	XWEL
MOS	0.23	0.85	-0.53	0.87		MOS
	NEOG	MATV	ARDX	XWEL	MOS

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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

XWEL	+ 0.88	MATV
MOS	+ 0.87	XWEL
MOS	+ 0.85	MATV
MOS	+ 0.23	NEOG
XWEL	+ 0.1	NEOG

High negative correlations

MOS	- 0.53	ARDX
XWEL	- 0.45	ARDX
ARDX	- 0.42	NEOG
ARDX	- 0.29	MATV
MATV	- 0.04	NEOG

Risk-Adjusted Indicators

There is a big difference between Bitcoin Stock performing well and Bitcoin Depot 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 Depot'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
NEOG	3.39	(0.26)	0.00	(0.10)	0.00	0.00	6.83	(6.57)	28.98
MATV	2.75	0.69	0.21	12.35	2.26	(3.61)	7.56	(4.42)	16.14
ARDX	3.23	0.14	0.00	14.23	5.83	(3.10)	5.61	(6.33)	29.98
XWEL	2.95	0.55	0.13	4.39	2.86	(3.72)	6.38	(5.26)	12.98
MOS	1.23	0.48	0.24	56.83	0.97	(1.45)	3.38	(1.50)	8.30

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