Correlation Analysis Between BTCAlpha Bitcoin and CoinDeal Bitcoin

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

Comparative Performance

BTCAlpha Bitcoin USD  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BTCAlpha Bitcoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, BTCAlpha Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.
CoinDeal Bitcoin USD  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CoinDeal Bitcoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, CoinDeal Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

BTCAlpha Bitcoin and CoinDeal Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

BTCAlpha Bitcoin USD  vs.  CoinDeal Bitcoin USD

BTCAlpha

Bitcoin on BTCAlpha in USD

 7,225 
(153.62)  2.08%
Market Cap: 7 B
  

CoinDeal

Bitcoin on CoinDeal in USD

 7,353 
63.45  0.87%
Market Cap: 38.7 M
(128.75)
1.78% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BTCAlpha Bitcoin is expected to generate 1.04 times less return on investment than CoinDeal Bitcoin. But when comparing it to its historical volatility, BTCAlpha Bitcoin USD is 1.03 times less risky than CoinDeal Bitcoin. It trades about 0.3 of its potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest  394,003  in CoinDeal Bitcoin USD on April 22, 2019 and sell it today you would earn a total of  341,342  from holding CoinDeal Bitcoin USD or generate 86.63% return on investment over 30 days.

Pair Corralation between BTCAlpha Bitcoin and CoinDeal Bitcoin

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BTCAlpha Bitcoin and CoinDeal Bitcoin

BTCAlpha Bitcoin USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding BTCAlpha Bitcoin USD and CoinDeal Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinDeal Bitcoin USD and BTCAlpha 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 BTCAlpha Bitcoin USD are associated (or correlated) with CoinDeal Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinDeal Bitcoin USD has no effect on the direction of BTCAlpha Bitcoin i.e. BTCAlpha Bitcoin and CoinDeal Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Money Managers module to screen money managers from public funds and etfs managed around the world.


 
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