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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Gemini Bitcoin USD  vs   HitBTC Bitcoin USD

Gemini

Bitcoin on Gemini in USD
 17,202 
1,700  10.97%
Market Cap: 17.7 B
 168.79 

HitBTC

Bitcoin on HitBTC in USD
 17,034 
1,789  11.74%
Market Cap: 100.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 0.93 times more return on investment than HitBTC Bitcoin. However, Gemini Bitcoin USD is 1.08 times less risky than HitBTC Bitcoin. It trades about 0.57 of its potential returns per unit of risk. HitBTC Bitcoin USD is currently generating about 0.52 per unit of risk. If you would invest  576,346  in Gemini Bitcoin USD on November 11, 2017 and sell it today you would earn a total of  1,143,893  from holding Gemini Bitcoin USD or generate 198.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Gemini Bitcoin and HitBTC Bitcoin
0.98

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 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

  
37 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 37 (%) of all global equities and portfolios over the last 30 days.

HitBTC Bitcoin USD

  
34 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bitcoin USD are ranked lower than 34 (%) of all global equities and portfolios over the last 30 days.