Correlation Analysis Between Coinsbit Bitcoin and SingularityX Bitcoin

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

Comparative Performance

Coinsbit Bitcoin USD  
2525

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinsbit Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, Coinsbit Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.
SingularityX Bitcoin USD  
1515

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SingularityX Bitcoin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, SingularityX Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

Coinsbit Bitcoin and SingularityX Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinsbit Bitcoin USD  vs.  SingularityX Bitcoin USD

Coinsbit

Bitcoin on Coinsbit in USD

 7,271 
(631.58)  7.99%
Market Cap: 102.1 B
  

SingularityX

Bitcoin on SingularityX in USD

 7,279 
(84.27)  1.14%
Market Cap: 8.9 B
(7.78)
0.11% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinsbit Bitcoin is expected to generate 1.03 times less return on investment than SingularityX Bitcoin. But when comparing it to its historical volatility, Coinsbit Bitcoin USD is 1.65 times less risky than SingularityX Bitcoin. It trades about 0.37 of its potential returns per unit of risk. SingularityX Bitcoin USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  390,435  in SingularityX Bitcoin USD on April 22, 2019 and sell it today you would earn a total of  337,488  from holding SingularityX Bitcoin USD or generate 86.44% return on investment over 30 days.

Pair Corralation between Coinsbit Bitcoin and SingularityX Bitcoin

0.98
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.56%
ValuesDaily Returns

Diversification Opportunities for Coinsbit Bitcoin and SingularityX Bitcoin

Coinsbit Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinsbit Bitcoin USD and SingularityX Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SingularityX Bitcoin USD and Coinsbit 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 Coinsbit Bitcoin USD are associated (or correlated) with SingularityX Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SingularityX Bitcoin USD has no effect on the direction of Coinsbit Bitcoin i.e. Coinsbit Bitcoin and SingularityX Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .


 
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