Pair Correlation Between Coinroom Bitcoin and BitTrex Bitcoin

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

Coinroom

Bitcoin on Coinroom in USD
 14,894 
(604.22)  3.9%
Market Cap: 738.5 M
(825.81)

BitTrex

Bitcoin on BitTrex in USD
 15,720 
(780.62)  4.73%
Market Cap: 2122.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinroom Bitcoin is expected to generate 1.08 times less return on investment than BitTrex Bitcoin. In addition to that, Coinroom Bitcoin is 1.2 times more volatile than BitTrex Bitcoin USD. It trades about 0.39 of its total potential returns per unit of risk. BitTrex Bitcoin USD is currently generating about 0.51 per unit of volatility. If you would invest  650,681  in BitTrex Bitcoin USD on November 13, 2017 and sell it today you would earn a total of  954,219  from holding BitTrex Bitcoin USD or generate 146.65% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinroom Bitcoin and BitTrex Bitcoin
0.96

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinroom Bitcoin USD and BitTrex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Bitcoin USD and Coinroom 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 Coinroom Bitcoin USD are associated (or correlated) with BitTrex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Bitcoin USD has no effect on the direction of Coinroom Bitcoin i.e. Coinroom Bitcoin and BitTrex Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinroom Bitcoin USD

  
25 

Risk-Adjusted Performance

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

Coinroom Bitcoin USD

Pair trading matchups for Coinroom Bitcoin

BitTrex Bitcoin USD

  
33 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Bitcoin USD are ranked lower than 33 (%) of all global equities and portfolios over the last 30 days.

BitTrex Bitcoin USD

Pair trading matchups for BitTrex Bitcoin