Spdr Series Trust S&P Computer Software Etf Stock Discussion

When bitcoin does well, software stocks do well. But so do tobacco stocks.
Morgan Stanley's cryptocurrency strategy team notes that when comparing $BTC.CC$ to other asset classes, it has positive correlations to equities, with indexes rising along with the coin.
The $SPY.US$ has the closest six-month correlation with bitcoin at just above 0.3, followed by the $.IXIC.US$, right above 0.25.
It has negative correlations with the $USDindex.FX$, around -0.4, gold $GLD.US$, around -0.6, and the $US10Y.BD$ 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 $XSW.US$
2. Food, Beverage $PBJ.US$ and Tobacco
3. Materials $XLB.US$
4. Media & Entertainment $Ishares Evolved U.S. Media And Entertainment Etf.US$
5. Commercial & Professional Services
6. Healthcare Equipment & Services $XHE.US$
7. Automobiles & Components $CARZ.US$
8. Diversified Financials $XLF.US$
9. Insurance $IAK.US$
10. Household & Personal Products $XLP.US$
Bitcoin finished last week up more than 5%, while the S&P dropped 0.3%, snapping a five-week winning streak.