Pair Correlation Between Coinroom Bitcoin and Gemini Bitcoin

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

Coinroom

Bitcoin on Coinroom in USD
 17,851 
1,549  9.5%
Market Cap: 738.5 M
 201.09 

Gemini

Bitcoin on Gemini in USD
 17,650 
1,036  6.23%
Market Cap: 2630.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinroom Bitcoin USD is expected to generate 1.12 times more return on investment than Gemini Bitcoin. However, Coinroom Bitcoin is 1.12 times more volatile than Gemini Bitcoin USD. It trades about 0.43 of its potential returns per unit of risk. Gemini Bitcoin USD is currently generating about 0.45 per unit of risk. If you would invest  749,628  in Coinroom Bitcoin USD on November 15, 2017 and sell it today you would earn a total of  1,033,122  from holding Coinroom Bitcoin USD or generate 137.82% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinroom Bitcoin and Gemini Bitcoin
0.98

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 Gemini Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gemini 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 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 Coinroom Bitcoin i.e. Coinroom Bitcoin and Gemini Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinroom Bitcoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinroom Bitcoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

Gemini Bitcoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.