Pair Correlation Between Cexio Bitcoin and itBit Bitcoin

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

Cexio

Bitcoin on Cexio in USD
 17,589 
(112.44)  0.64%
Market Cap: 629 B
 280.69 

itBit

Bitcoin on itBit in USD
 17,308 
(171.69)  0.98%
Market Cap: 825.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin is expected to generate 1.01 times less return on investment than itBit Bitcoin. In addition to that, Cexio Bitcoin is 1.14 times more volatile than itBit Bitcoin USD. It trades about 0.39 of its total potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.45 per unit of volatility. If you would invest  660,779  in itBit Bitcoin USD on November 13, 2017 and sell it today you would earn a total of  1,040,821  from holding itBit Bitcoin USD or generate 157.51% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Bitcoin and itBit Bitcoin
0.93

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 Cexio Bitcoin USD and itBit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit 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 itBit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Bitcoin USD has no effect on the direction of Cexio Bitcoin i.e. Cexio Bitcoin and itBit Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Cexio Bitcoin USD

Pair trading matchups for Cexio Bitcoin

itBit Bitcoin USD

  
29 

Risk-Adjusted Performance

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

itBit Bitcoin USD

Pair trading matchups for itBit Bitcoin