Pair Correlation Between itBit Bitcoin and Exmo Bitcoin

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

itBit

Bitcoin on itBit in USD
 19,157 
(228.03)  1.18%
Market Cap: 825.2 B
(150.12)

Exmo

Bitcoin on Exmo in USD
 19,307 
222.77  1.17%
Market Cap: 170.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin is expected to generate 1.02 times less return on investment than Exmo Bitcoin. In addition to that, itBit Bitcoin is 1.15 times more volatile than Exmo Bitcoin USD. It trades about 0.43 of its total potential returns per unit of risk. Exmo Bitcoin USD is currently generating about 0.5 per unit of volatility. If you would invest  766,150  in Exmo Bitcoin USD on November 17, 2017 and sell it today you would earn a total of  1,213,450  from holding Exmo Bitcoin USD or generate 158.38% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between itBit Bitcoin and Exmo Bitcoin
0.99

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

itBit Bitcoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

Exmo Bitcoin USD

  
33 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exmo Bitcoin USD are ranked lower than 33 (%) of all global equities and portfolios over the last 30 days.