Mainstream conversations around digital assets largely focus on the dramatic price performance of bitcoin and ether. For years, retail and institutional investors have targeted beta exposure, or returns that mirror the broader crypto market. However, the introduction of products like bitcoin exchange-traded funds (ETFs) and exchange-traded products (ETPs) have made achieving beta more accessible, with these products drawing over $100 billion in institutional capital.
But as the asset class matures, the conversation is shifting. More institutions are now pursuing alpha, or returns that exceed the market, through actively managed strategies.
The role of uncorrelated returns in diversification
Low correlation to traditional assets enhances the role of digital assets in diversified portfolios. Since 2015, bitcoin’s daily correlation to the Russell 1000 Index has been just 0.231, meaning that bitcoin’s daily returns move only weakly in the same direction as the Russell 1000 Index, with go
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