Pair Correlation Between Abucoins Bitcoin and itBit Bitcoin

This module allows you to analyze existing cross correlation between Abucoins Bitcoin USD and itBit Bitcoin USD. You can compare the effects of market volatilities on Abucoins Bitcoin and itBit 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 itBit Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Abucoins Bitcoin and itBit Bitcoin.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Abucoins Bitcoin USD  vs   itBit Bitcoin USD

Abucoins

Bitcoin on Abucoins in USD
 15,069 
1,775  13.35%
Market Cap: 3.1 B
(494.7)

itBit

Bitcoin on itBit in USD
 15,564 
1,260  8.81%
Market Cap: 283.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Abucoins Bitcoin is expected to generate 1.06 times less return on investment than itBit Bitcoin. But when comparing it to its historical volatility, Abucoins Bitcoin USD is 1.14 times less risky than itBit Bitcoin. It trades about 0.39 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest  677,500  in itBit Bitcoin USD on November 10, 2017 and sell it today you would earn a total of  878,899  from holding itBit Bitcoin USD or generate 129.73% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Abucoins Bitcoin and itBit Bitcoin
0.93

Parameters

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

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Abucoins Bitcoin USD and itBit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit 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 itBit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Bitcoin USD has no effect on the direction of Abucoins Bitcoin i.e. Abucoins Bitcoin and itBit Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Abucoins Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Abucoins Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

itBit Bitcoin USD

  
23 

Risk-Adjusted Performance

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