Pair Correlation Between QuadrigaCX Bitcoin and Bitstamp Bitcoin

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

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 16,800 
300  1.82%
Market Cap: 13.5 B
 221.34 

Bitstamp

Bitcoin on Bitstamp in USD
 16,579 
494.18  3.07%
Market Cap: 3049.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, QuadrigaCX Bitcoin is expected to generate 1.01 times less return on investment than Bitstamp Bitcoin. In addition to that, QuadrigaCX Bitcoin is 1.08 times more volatile than Bitstamp Bitcoin USD. It trades about 0.38 of its total potential returns per unit of risk. Bitstamp Bitcoin USD is currently generating about 0.42 per unit of volatility. If you would invest  725,499  in Bitstamp Bitcoin USD on November 14, 2017 and sell it today you would earn a total of  916,949  from holding Bitstamp Bitcoin USD or generate 126.39% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between QuadrigaCX Bitcoin and Bitstamp Bitcoin
0.96

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

Comparative Volatility

 Predicted Return Density 
      Returns 

QuadrigaCX Bitcoin USD

  
25 

Risk-Adjusted Performance

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

Bitstamp Bitcoin USD

  
27 

Risk-Adjusted Performance

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