Correlation Analysis of Silver, Bitcoin, SOXX, and Blockchain Index with {corrr} package
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Silver, Nasdaq Blockchain Economy Index, Bitcoin, and iShares Semiconductor ETF are always thought of as correlated with each other by investors.
We will test this perception with the corrr package.
#iShares Semiconductor ETF (SOXX) df_soxx <- tq_get(x = "SOXX") %>% select(date, soxx = close) #Nasdaq Blockchain Economy Index df_nasdaq_blockchain <- openxlsx::read.xlsx("https://github.com/mesdi/investingcom/raw/refs/heads/main/nasdaq_blockchain.xlsx", sheet = "History", detectDates = TRUE) %>% as_tibble() %>% janitor::clean_names() %>% select(date = trade_date, blcn = index_value) #Bitcoin df_btc <- tq_get("BTC-USD") %>% select(date, btc = close) #Merging the datasets df_merged <- df_silver %>% left_join(df_soxx) %>% left_join(df_nasdaq_blockchain) %>% left_join(df_btc) %>% drop_na() %>% filter(date >= last(date) - months(36)) #Correlation d <- correlate(df_merged, quiet = TRUE) d %>% focus(silver:btc, mirror = TRUE) %>% fashion() # term silver soxx blcn btc #1 silver .78 .89 .89 #2 soxx .78 .85 .80 #3 blcn .89 .85 .97 #4 btc .89 .80 .97 #Network plot df_merged %>% correlate() %>% network_plot(min_cor = .7, legend = "full")

The common perception appears to be correct based on the correlation analysis, specifically between the Nasdaq Blockchain Economy index and Bitcoin.
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