Correlation Analysis Between CoinDeal Bitcoin and Threexbit Bitcoin

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

Comparative Performance

CoinDeal Bitcoin USD  
1313

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CoinDeal Bitcoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, CoinDeal Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Threexbit Bitcoin USD  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Threexbit Bitcoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Threexbit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

CoinDeal Bitcoin and Threexbit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

CoinDeal Bitcoin USD  vs.  Threexbit Bitcoin USD

CoinDeal

Bitcoin on CoinDeal in USD

 10,703 
343.57  3.32%
Market Cap: 1.3 B
  

Threexbit

Bitcoin on Threexbit in USD

 11,090 
401.82  3.76%
Market Cap: 5.1 B
(386.54)
3.61% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CoinDeal Bitcoin is expected to generate 1.1 times less return on investment than Threexbit Bitcoin. But when comparing it to its historical volatility, CoinDeal Bitcoin USD is 1.2 times less risky than Threexbit Bitcoin. It trades about 0.2 of its potential returns per unit of risk. Threexbit Bitcoin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  740,000  in Threexbit Bitcoin USD on June 15, 2019 and sell it today you would earn a total of  369,000  from holding Threexbit Bitcoin USD or generate 49.86% return on investment over 30 days.

Pair Corralation between CoinDeal Bitcoin and Threexbit Bitcoin

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CoinDeal Bitcoin and Threexbit Bitcoin

CoinDeal Bitcoin USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding CoinDeal Bitcoin USD and Threexbit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Threexbit Bitcoin USD and CoinDeal 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 CoinDeal Bitcoin USD are associated (or correlated) with Threexbit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Threexbit Bitcoin USD has no effect on the direction of CoinDeal Bitcoin i.e. CoinDeal Bitcoin and Threexbit Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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