Even with a correlation coefficient of 0.33, JPMorgan is cautious about Bitcoin (BTC) diversification.
Original headline상관계수 0.33에도 JP모건, 비트코인(BTC) 분산엔 신중
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J.P. Morgan Asset Management's 31st annual Long-Term Capital Market Assumptions report, with data as of September 30, 2026, cites a historical 0.33 correlation between Bitcoin (BTC) and U.S. large-cap equities but still does not treat Bitcoin as a portfolio diversifier. The report, which covers 10- to 15-year return and risk projections for mainstream asset classes, gives Bitcoin its own separate 10-year scenario. The firm cautioned that the 0.33 figure describes a past relationship and does not mean Bitcoin offsets losses when U.S. large caps fall. The stance matters because it pushes back on the common allocation case for Bitcoin as a hedge in multi-asset portfolios. What to watch next is whether J.P. Morgan revises that view in future editions as Bitcoin's correlation record lengthens.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
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J.P. Morgan Asset Management, Bitcoin (BTC), US large-cap stocks
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