Pair Correlation Between Bitfinex Bitcoin and Gatecoin Bitcoin

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

Bitfinex

Bitcoin on Bitfinex in USD
 17,205 
787  4.79%
Market Cap: 11621.2 B
 309 

Gatecoin

Bitcoin on Gatecoin in USD
 16,896 
(455)  2.62%
Market Cap: 167.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to generate 0.96 times more return on investment than Gatecoin Bitcoin. However, Bitfinex Bitcoin USD is 1.04 times less risky than Gatecoin Bitcoin. It trades about 0.4 of its potential returns per unit of risk. Gatecoin Bitcoin USD is currently generating about 0.38 per unit of risk. If you would invest  793,500  in Bitfinex Bitcoin USD on November 15, 2017 and sell it today you would earn a total of  927,000  from holding Bitfinex Bitcoin USD or generate 116.82% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Bitcoin and Gatecoin Bitcoin
0.97

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 Bitfinex Bitcoin USD and Gatecoin Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gatecoin Bitcoin USD and Bitfinex 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 Bitfinex Bitcoin USD are associated (or correlated) with Gatecoin Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gatecoin Bitcoin USD has no effect on the direction of Bitfinex Bitcoin i.e. Bitfinex Bitcoin and Gatecoin Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Bitcoin USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

Gatecoin Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gatecoin Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.