| WGMI Etf | | | USD 26.48 0.27 1.01% |
The current 90-days correlation between Valkyrie Bitcoin Miners and Valkyrie Bitcoin Strategy is 0.58 (i.e., Very weak diversification). The correlation of Valkyrie Bitcoin 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.
Valkyrie Bitcoin Correlation With Market
Very weak diversification
The correlation between Valkyrie Bitcoin Miners and DJI is 0.54 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Valkyrie Bitcoin Miners and DJI in the same portfolio, assuming nothing else is changed.
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Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in Valkyrie Bitcoin Miners. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as
signals in population.