Pair Correlation Between itBit Bitcoin and Tidex Bitcoin

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

itBit

Bitcoin on itBit in USD
 16,624 
(915.4)  5.22%
Market Cap: 825.2 B
 16,624 

Tidex

Bitcoin on Tidex in USD
 0.00 
(16,768)  100%
Market Cap: 101.4 K
 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  772,985  in itBit Bitcoin USD on November 16, 2017 and sell it today you would earn a total of  980,940  from holding itBit Bitcoin USD or generate 126.9% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between itBit Bitcoin and Tidex Bitcoin
0.0

Parameters

Time Period1 Month [change]
DirectionFlat 
StrengthInsignificant
Accuracy3.33%
ValuesDaily Returns

Diversification

Pay attention

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

Comparative Volatility

itBit Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.