Correlation Analysis
Grayscale Bitcoin Trust ETF vs Johnson & Johnson
GBTC vs JNJ
+0.075
Weak positive
When one moves up, the other tends to follow.
Grayscale Bitcoin Trust ETF
GBTC
Johnson & Johnson
↗JNJ
Johnson & Johnson is the world's largest and most diverse healthcare firm. It has two divisions: innovative medicine and medtech. These now represent all of the company's sales following the divestment of the consumer business, Kenvue, in 2023. After restructurings in 2023-24, the drug division focuses on three main therapeutic areas: immunology, oncology, and neurology. Geographically, just over half of total revenue is generated in the United States.
Market cap 580.4B
Time Series
Relative Performance
Who Moves First
GBTC leads JNJ by 6 days
GBTC tends to move before JNJ.
After testing 13 timing shifts, the strongest relationship was +0.103 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.258
12 periods · Return correlation when both series rose
Both Falling
-0.255
6 periods · Return correlation when both series fell
Diverging
-0.745
17 periods · Return correlation when series moved apart
R-Squared
0.6%
Share of variance in one series explained by the other.
Trend Agreement
49.8%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,066
Deep shared window — 1,066 usable pairs.
Significance
p < 0.05
95% CI: [0.015, 0.134]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,066 paired data points survived the daily window.
Raw input
1,066
1,254
Normalized
1,066
1,254
Prepared
1,066
1,254
Aligned
1,066
1,066
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
188
A: 0 / B: 188
Series A
Grayscale Bitcoin Trust ETF
GBTC
Stock · 1,066 raw → 1,066 prepared
Series B
Johnson & Johnson
JNJ
Market cap 580.4B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
10
Estimated crossover points between normalized spreads.
Slope
0.0582
Linear regression slope.
Intercept
166.2067
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
Saved 4 hours ago · ID: stock-gbtc-vs-stock-jnj-daily