Correlation Analysis Between Coinbase Bitcoin and Gemini Bitcoin

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

Coinbase Bitcoin USD  vs.  Gemini Bitcoin USD

Coinbase

Bitcoin on Coinbase in USD

 6,430 
3.46  0.05%
Market Cap: 51.6 B
  

Gemini

Bitcoin on Gemini in USD

 6,430 
43.11  0.68%
Market Cap: 6 B
 0.00 
0.00% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.92 times more return on investment than Gemini Bitcoin. However, Coinbase Bitcoin USD is 1.08 times less risky than Gemini Bitcoin. It trades about -0.09 of its potential returns per unit of risk. Gemini Bitcoin USD is currently generating about -0.1 per unit of risk. If you would invest  671,299  in Coinbase Bitcoin USD on September 21, 2018 and sell it today you would lose (27,953)  from holding Coinbase Bitcoin USD or give up 4.16% of portfolio value over 30 days.

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

Gemini Bitcoin USD  
0 

Risk-Adjusted Performance

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

Gemini Bitcoin USD

Pair trading matchups for Gemini Bitcoin

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Alphabet
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