Pair Correlation Between HitBTC Bitcoin and QuadrigaCX Bitcoin

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

HitBTC

Bitcoin on HitBTC in USD
 16,716 
334.71  2.04%
Market Cap: 1379.5 B
 15.89 
0.095059% Risk Free Arbitrage
All Coins Bitcoin Arbitrage Bitcoin Correlation

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 16,700 
299.9  1.83%
Market Cap: 13.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bitcoin USD is expected to generate 0.92 times more return on investment than QuadrigaCX Bitcoin. However, HitBTC Bitcoin USD is 1.09 times less risky than QuadrigaCX Bitcoin. It trades about 0.41 of its potential returns per unit of risk. QuadrigaCX Bitcoin USD is currently generating about 0.37 per unit of risk. If you would invest  719,703  in HitBTC Bitcoin USD on November 14, 2017 and sell it today you would earn a total of  908,726  from holding HitBTC Bitcoin USD or generate 126.26% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bitcoin and QuadrigaCX Bitcoin
0.97

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bitcoin USD

  
27 

Risk-Adjusted Performance

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

QuadrigaCX Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in QuadrigaCX Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.