Pair Correlation Between Coinroom Bitcoin and QuadrigaCX Bitcoin

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

Coinroom

Bitcoin on Coinroom in USD
 10,196 
374.41  3.81%
Market Cap: 42.7 B
 195.76 

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 10,001 
150.68  1.53%
Market Cap: 3.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinroom Bitcoin USD is expected to generate 1.29 times more return on investment than QuadrigaCX Bitcoin. However, Coinroom Bitcoin is 1.29 times more volatile than QuadrigaCX Bitcoin USD. It trades about -0.05 of its potential returns per unit of risk. QuadrigaCX Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,203,930  in Coinroom Bitcoin USD on January 24, 2018 and sell it today you would lose (222,457)  from holding Coinroom Bitcoin USD or give up 18.48% of portfolio value over 30 days.

Correlation Coefficient

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinroom Bitcoin USD

  
0 

Risk-Adjusted Performance

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

QuadrigaCX Bitcoin USD

  
0 

Risk-Adjusted Performance

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