Correlation Analysis Between Cexio Bitcoin and BitBay Bitcoin

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

Cexio Bitcoin USD  vs.  BitBay Bitcoin USD

Cexio

Bitcoin on Cexio in USD
 7,284 
30.90  0.42%
Market Cap: 8.2 B
  

BitBay

Bitcoin on BitBay in USD
 7,150 
611.87  9.36%
Market Cap: 238.7 K
 133.72 
1.84% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin is expected to generate 1.06 times less return on investment than BitBay Bitcoin. In addition to that, Cexio Bitcoin is 1.12 times more volatile than BitBay Bitcoin USD. It trades about 0.12 of its total potential returns per unit of risk. BitBay Bitcoin USD is currently generating about 0.14 per unit of volatility. If you would invest  649,731  in BitBay Bitcoin USD on June 18, 2018 and sell it today you would earn a total of  75,269  from holding BitBay Bitcoin USD or generate 11.58% return on investment over 30 days.

Pair Corralation between Cexio Bitcoin and BitBay Bitcoin

0.89
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Cexio Bitcoin USD  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Bitcoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
BitBay Bitcoin USD  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Bitcoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1195.88

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See also your portfolio center. Please also try Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.