Pair Correlation Between Cexio Bitcoin and Bitfinex Bitcoin

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

Cexio

Bitcoin on Cexio in USD
 20,879 
279  1.35%
Market Cap: 629 B
 1,683 

Bitfinex

Bitcoin on Bitfinex in USD
 19,196 
169  0.89%
Market Cap: 14176.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin USD is expected to generate 1.26 times more return on investment than Bitfinex Bitcoin. However, Cexio Bitcoin is 1.26 times more volatile than Bitfinex Bitcoin USD. It trades about 0.4 of its potential returns per unit of risk. Bitfinex Bitcoin USD is currently generating about 0.45 per unit of risk. If you would invest  788,507  in Cexio Bitcoin USD on November 17, 2017 and sell it today you would earn a total of  1,299,457  from holding Cexio Bitcoin USD or generate 164.8% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Bitcoin and Bitfinex Bitcoin
0.99

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Bitcoin USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Bitcoin USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Bitcoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Bitcoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.