Correlation Analysis 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.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Cexio Bitcoin USD  vs.  itBit Bitcoin USD

Cexio

Bitcoin on Cexio in USD
 6,225 
43.10  0.69%
Market Cap: 8.4 B
  

itBit

Bitcoin on itBit in USD
 6,101 
98.27  1.59%
Market Cap: 180.2 B
 124.06 
1.99% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin USD is expected to under-perform the itBit Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Cexio Bitcoin USD is 1.13 times less risky than itBit Bitcoin. The crypto trades about -0.16 of its potential returns per unit of risk. The itBit Bitcoin USD is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest  731,373  in itBit Bitcoin USD on May 26, 2018 and sell it today you would lose (111,432)  from holding itBit Bitcoin USD or give up 15.24% of portfolio value over 30 days.

Pair Corralation between Cexio Bitcoin and itBit Bitcoin

1.0
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 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  
0 

Risk-Adjusted Performance

Over the last 30 days Cexio Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
itBit Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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