Pair Correlation 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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Cexio Bitcoin USD  vs   BitBay Bitcoin USD

Cexio

Bitcoin on Cexio in USD
 18,319 
941.63  5.42%
Market Cap: 629 B
 1,338 

BitBay

Bitcoin on BitBay in USD
 16,980 
800.5  4.95%
Market Cap: 3.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin is expected to generate 2.12 times less return on investment than BitBay Bitcoin. But when comparing it to its historical volatility, Cexio Bitcoin USD is 2.86 times less risky than BitBay Bitcoin. It trades about 0.33 of its potential returns per unit of risk. BitBay Bitcoin USD is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest  459,900  in BitBay Bitcoin USD on November 15, 2017 and sell it today you would earn a total of  1,238,200  from holding BitBay Bitcoin USD or generate 269.23% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Bitcoin and BitBay Bitcoin
0.95

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 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

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Bitcoin USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.

BitBay Bitcoin USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Bitcoin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.