Correlation Analysis Between Bitfinex Bitcoin and itBit Bitcoin

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

Bitfinex Bitcoin USD  vs.  itBit Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 6,590 
1.80  0.0273%
Market Cap: 71.4 B
  

itBit

Bitcoin on itBit in USD

 6,435 
30.01  0.47%
Market Cap: 46.4 B
 154.99 
2.35% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to under-perform the itBit Bitcoin. In addition to that, Bitfinex Bitcoin is 1.15 times more volatile than itBit Bitcoin USD. It trades about -0.04 of its total potential returns per unit of risk. itBit Bitcoin USD is currently generating about -0.03 per unit of volatility. If you would invest  654,298  in itBit Bitcoin USD on September 20, 2018 and sell it today you would lose (10,797)  from holding itBit Bitcoin USD or give up 1.65% of portfolio value over 30 days.

Pair Corralation between Bitfinex Bitcoin and itBit Bitcoin

0.72
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex 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 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 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 Bitfinex Bitcoin i.e. Bitfinex Bitcoin and itBit Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitfinex Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
itBit Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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