Pair Correlation Between Gemini Bitcoin and HitBTC Bitcoin

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

Gemini

Bitcoin on Gemini in USD
 9,504 
193.32  1.99%
Market Cap: 682.4 B
(139.78)

HitBTC

Bitcoin on HitBTC in USD
 9,644 
247.33  2.50%
Market Cap: 481.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 1.02 times more return on investment than HitBTC Bitcoin. However, Gemini Bitcoin is 1.02 times more volatile than HitBTC Bitcoin USD. It trades about -0.07 of its potential returns per unit of risk. HitBTC Bitcoin USD is currently generating about -0.08 per unit of risk. If you would invest  1,148,401  in Gemini Bitcoin USD on January 26, 2018 and sell it today you would lose (185,029)  from holding Gemini Bitcoin USD or give up 16.11% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Gemini Bitcoin and HitBTC Bitcoin
0.87

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gemini Bitcoin USD and HitBTC Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC 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 HitBTC Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Bitcoin USD has no effect on the direction of Gemini Bitcoin i.e. Gemini Bitcoin and HitBTC Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Gemini Bitcoin USD

  
0 

Risk-Adjusted Performance

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

HitBTC Bitcoin USD

  
0 

Risk-Adjusted Performance

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