Pair Correlation Between BitTrex Bitcoin and Coinroom Bitcoin

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

BitTrex

Bitcoin on BitTrex in USD
 15,853 
(647.44)  3.92%
Market Cap: 2122.8 B
 788.15 

Coinroom

Bitcoin on Coinroom in USD
 15,065 
(1,237)  7.59%
Market Cap: 738.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to generate 0.83 times more return on investment than Coinroom Bitcoin. However, BitTrex Bitcoin USD is 1.2 times less risky than Coinroom Bitcoin. It trades about 0.46 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  721,510  in BitTrex Bitcoin USD on November 14, 2017 and sell it today you would earn a total of  863,766  from holding BitTrex Bitcoin USD or generate 119.72% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Bitcoin and Coinroom Bitcoin
0.96

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy96.77%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD

  
30 

Risk-Adjusted Performance

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

Coinroom Bitcoin USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinroom Bitcoin USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.