Pair Correlation Between Abucoins Bitcoin and Coinroom Bitcoin

This module allows you to analyze existing cross correlation between Abucoins Bitcoin USD and Coinroom Bitcoin USD. You can compare the effects of market volatilities on Abucoins Bitcoin and Coinroom Bitcoin and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Abucoins Bitcoin with a short position of Coinroom Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Abucoins Bitcoin and Coinroom Bitcoin.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Abucoins Bitcoin USD  vs   Coinroom Bitcoin USD

Abucoins

Bitcoin on Abucoins in USD
 16,488 
87.6  0.53%
Market Cap: 3.1 B
(141.87)

Coinroom

Bitcoin on Coinroom in USD
 16,630 
328.3  2.01%
Market Cap: 738.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Abucoins Bitcoin USD is expected to generate 0.88 times more return on investment than Coinroom Bitcoin. However, Abucoins Bitcoin USD is 1.13 times less risky than Coinroom Bitcoin. It trades about 0.45 of its potential returns per unit of risk. Coinroom Bitcoin USD is currently generating about 0.35 per unit of risk. If you would invest  704,012  in Abucoins Bitcoin USD on November 14, 2017 and sell it today you would earn a total of  936,060  from holding Abucoins Bitcoin USD or generate 132.96% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Abucoins Bitcoin and Coinroom Bitcoin
0.99

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding Abucoins Bitcoin USD and Coinroom Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinroom Bitcoin USD and Abucoins Bitcoin is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Abucoins Bitcoin USD are associated (or correlated) with Coinroom Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinroom Bitcoin USD has no effect on the direction of Abucoins Bitcoin i.e. Abucoins Bitcoin and Coinroom Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Abucoins Bitcoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Abucoins Bitcoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.

Coinroom Bitcoin USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinroom Bitcoin USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.