Pair Correlation Between Exmo Bitcoin and BitTrex Bitcoin

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

Exmo

Bitcoin on Exmo in USD
 15,550 
1,146  7.96%
Market Cap: 267.6 B
 249.9 

BitTrex

Bitcoin on BitTrex in USD
 15,300 
2,001  15.05%
Market Cap: 2122.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exmo Bitcoin is expected to generate 1.07 times less return on investment than BitTrex Bitcoin. In addition to that, Exmo Bitcoin is 1.07 times more volatile than BitTrex Bitcoin USD. It trades about 0.42 of its total potential returns per unit of risk. BitTrex Bitcoin USD is currently generating about 0.48 per unit of volatility. If you would invest  631,500  in BitTrex Bitcoin USD on November 10, 2017 and sell it today you would earn a total of  912,500  from holding BitTrex Bitcoin USD or generate 144.5% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Exmo Bitcoin and BitTrex Bitcoin
0.95

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 Exmo 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 Exmo 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 Exmo 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 Exmo Bitcoin i.e. Exmo Bitcoin and BitTrex Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Exmo Bitcoin USD

  
27 

Risk-Adjusted Performance

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

BitTrex Bitcoin USD

  
31 

Risk-Adjusted Performance

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