Pair Correlation Between Coinfloor Bitcoin and Coinbase Bitcoin

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

Coinfloor

Bitcoin on Coinfloor in USD
 17,060 
560  3.39%
Market Cap: 88.3 K
(889.99)

Coinbase

Bitcoin on Coinbase in USD
 17,950 
677.76  3.92%
Market Cap: 7429.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinfloor Bitcoin is expected to generate 1.07 times less return on investment than Coinbase Bitcoin. But when comparing it to its historical volatility, Coinfloor Bitcoin USD is 1.2 times less risky than Coinbase Bitcoin. It trades about 0.47 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.42 of returns per unit of risk over similar time horizon. If you would invest  651,499  in Coinbase Bitcoin USD on November 12, 2017 and sell it today you would earn a total of  1,143,500  from holding Coinbase Bitcoin USD or generate 175.52% return on investment over 30 days.

Correlation Coefficient

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinfloor Bitcoin USD

  
31 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinfloor Bitcoin USD are ranked lower than 31 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 27 (%) of all global equities and portfolios over the last 30 days.