When bitcoin does well, software stocks do well. But so do tobacco stocks.
Morgan Stanley's cryptocurrency strategy team notes that when comparing
$比特币(BTC.CC)$ to other asset classes, it has positive correlations to equities, with indexes rising along with the coin.
The
$SPDR 标普500指数ETF(SPY.US)$ has the closest six-month correlation with bitcoin at just above 0.3, followed by the
$纳斯达克综合指数(.IXIC.US)$, right above 0.25.
It has negative correlations with the
$美元指数(USDindex.FX)$, around -0.4, gold
$SPDR黄金ETF(GLD.US)$, around -0.6, and the
$美国10年期国债收益率(US10Y.BD)$ around -0.9.
"Below the (equity) index level, the correlations vary widely across sectors," David Adelman, Morgan Stanley director of equities strategy for the Americas writes in a note.
The top 10 most correlated subsectors are:
1. Software & Services
$SPDR标普软件与服务ETF(XSW.US)$2. Food, Beverage
$Invesco Food & Beverage ETF(PBJ.US)$ and Tobacco
3. Materials
$SPDR原物料类ETF(XLB.US)$4. Media & Entertainment
$Ishares Evolved U.S. Media And Entertainment Etf(IEME.US)$5. Commercial & Professional Services
6. Healthcare Equipment & Services
$SPDR S&P Health Care Equipment ETF(XHE.US)$7. Automobiles & Components
$First Trust纳斯达克全球汽车指数(CARZ.US)$8. Diversified Financials
$SPDR金融行业ETF(XLF.US)$9. Insurance
$iShares安硕美国保险ETF(IAK.US)$10. Household & Personal Products
$日常消费品精选行业指数ETF-SPDR(XLP.US)$Bitcoin finished last week up more than 5%, while the S&P dropped 0.3%, snapping a five-week winning streak.
William Paul : Bitcoin is basically a play against modern monetary theory
fly up high : Absolutely crazy. Proof once again that facts can be stranger than fiction. And yet another reminder that correlation does not imply cause and effect.
Indicator analyst : I wish people stop comparing bitcoin or any cryptocurrencies to any asset class. To me, it’s like comparing a unicorn to a horse race.
Drdrdoky : Not sure what week. Last week vets day to Friday 68 to 64k.
UANM5SC6Ea : So basically BTC is a relatively uncorrelated/asymmetric asset as we already knew.
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