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.