NVDA
NVIDIA
-- 121.670 TSLA
Tesla
-- 249.980 QBTS
D-Wave Quantum
-- 10.150 PLTR
Palantir
-- 86.240 INTC
Intel
-- 24.050 
The stock sectors with the biggest bitcoin correlation
When bitcoin does well, software stocks do well. But so do tobacco stocks.
Morgan Stanley's cryptocurrency strategy team notes that when comparing $Bitcoin (BTC.CC)$ to other asset classes, it has positive correlations to equities, with indexes rising along with the coin.
The $SPDR S&P 500 ETF (SPY.US)$ has the closest six-month correlation with bitcoin at just above 0.3, followed by the $Nasdaq Composite Index (.IXIC.US)$, right above 0.25.
It has negative correlations with the $USD (USDindex.FX)$, around -0.4, gold $SPDR Gold ETF (GLD.US)$, around -0.6, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 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 $Spdr Series Trust S&P Computer Software Etf (XSW.US)$
2. Food, Beverage $Invesco Food & Beverage ETF (PBJ.US)$ and Tobacco
3. Materials $Materials Select Sector SPDR ETF (XLB.US)$
4. Media & Entertainment $Ishares Evolved U.S. Media And Entertainment Etf (IEME.US)$
5. Commercial & Professional Services
6. Healthcare Equipment & Services $Spdr S&P Health Care Equipment (XHE.US)$
7. Automobiles & Components $Nasdaq Global Auto Index First Trust (CARZ.US)$
8. Diversified Financials $Financial Select Sector SPDR Fund (XLF.US)$
9. Insurance $Ishares Trust U.S. Insurance Etf (IAK.US)$
10. Household & Personal Products $Consumer Staples Select Sector SPDR Fund (XLP.US)$
2. Food, Beverage $Invesco Food & Beverage ETF (PBJ.US)$ and Tobacco
3. Materials $Materials Select Sector SPDR ETF (XLB.US)$
4. Media & Entertainment $Ishares Evolved U.S. Media And Entertainment Etf (IEME.US)$
5. Commercial & Professional Services
6. Healthcare Equipment & Services $Spdr S&P Health Care Equipment (XHE.US)$
7. Automobiles & Components $Nasdaq Global Auto Index First Trust (CARZ.US)$
8. Diversified Financials $Financial Select Sector SPDR Fund (XLF.US)$
9. Insurance $Ishares Trust U.S. Insurance Etf (IAK.US)$
10. Household & Personal Products $Consumer Staples Select Sector SPDR Fund (XLP.US)$
Bitcoin finished last week up more than 5%, while the S&P dropped 0.3%, snapping a five-week winning streak.
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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.
NotRoss : Bitcoin is worth long-term investment! Is it too risky?