Correlation Analysis Between Gemini Bitcoin and BitBay Bitcoin

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

Gemini Bitcoin USD  vs.  BitBay Bitcoin USD

Gemini

Bitcoin on Gemini in USD
 7,726 
96.52  1.27%
Market Cap: 37.6 B
  

BitBay

Bitcoin on BitBay in USD
 7,600 
180.00  2.43%
Market Cap: 238.7 K
 126.01 
1.63% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 1.36 times more return on investment than BitBay Bitcoin. However, Gemini Bitcoin is 1.36 times more volatile than BitBay Bitcoin USD. It trades about 0.25 of its potential returns per unit of risk. BitBay Bitcoin USD is currently generating about 0.31 per unit of risk. If you would invest  617,873  in Gemini Bitcoin USD on June 23, 2018 and sell it today you would earn a total of  153,044  from holding Gemini Bitcoin USD or generate 24.77% return on investment over 30 days.

Pair Corralation between Gemini Bitcoin and BitBay Bitcoin

0.94
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 Gemini Bitcoin USD and BitBay Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitBay Bitcoin USD and Gemini 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 Gemini Bitcoin USD are associated (or correlated) with BitBay Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitBay Bitcoin USD has no effect on the direction of Gemini Bitcoin i.e. Gemini Bitcoin and BitBay Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Gemini Bitcoin USD  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

Gemini Bitcoin USD

Pair trading matchups for Gemini Bitcoin
BitBay Bitcoin USD  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Bitcoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

BitBay Bitcoin USD

Pair trading matchups for BitBay Bitcoin

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1198.56

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See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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