Correlation Analysis Between ExtStock Bitcoin and Bitstamp Bitcoin

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

Comparative Performance

ExtStock Bitcoin USD  
2424

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ExtStock Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, ExtStock Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Bitstamp Bitcoin USD  
2222

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitstamp Bitcoin USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Bitstamp Bitcoin revealed solid returns over the last few months and may actually be approaching a breakup point.

ExtStock Bitcoin and Bitstamp Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  Bitstamp Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 7,199 
(617.52)  7.90%
Market Cap: 11.5 B
  

Bitstamp

Bitcoin on Bitstamp in USD

 7,260 
(91.59)  1.25%
Market Cap: 138.8 B
(61.53)
0.85% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin USD is expected to generate 0.96 times more return on investment than Bitstamp Bitcoin. However, ExtStock Bitcoin USD is 1.04 times less risky than Bitstamp Bitcoin. It trades about 0.37 of its potential returns per unit of risk. Bitstamp Bitcoin USD is currently generating about 0.33 per unit of risk. If you would invest  389,828  in ExtStock Bitcoin USD on April 22, 2019 and sell it today you would earn a total of  391,783  from holding ExtStock Bitcoin USD or generate 100.5% return on investment over 30 days.

Pair Corralation between ExtStock Bitcoin and Bitstamp Bitcoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.56%
ValuesDaily Returns

Diversification Opportunities for ExtStock Bitcoin and Bitstamp Bitcoin

ExtStock Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding ExtStock Bitcoin USD and Bitstamp Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitstamp Bitcoin USD and ExtStock 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 ExtStock Bitcoin USD are associated (or correlated) with Bitstamp Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitstamp Bitcoin USD has no effect on the direction of ExtStock Bitcoin i.e. ExtStock Bitcoin and Bitstamp Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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