Pair Correlation Between QuadrigaCX Bitcoin and Cexio Bitcoin

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

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 10,195 
404.81  3.82%
Market Cap: 3.9 B
 171.19 

Cexio

Bitcoin on Cexio in USD
 10,024 
862.10  7.92%
Market Cap: 319.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, QuadrigaCX Bitcoin USD is expected to generate 0.93 times more return on investment than Cexio Bitcoin. However, QuadrigaCX Bitcoin USD is 1.08 times less risky than Cexio Bitcoin. It trades about -0.02 of its potential returns per unit of risk. Cexio Bitcoin USD is currently generating about -0.05 per unit of risk. If you would invest  1,120,001  in QuadrigaCX Bitcoin USD on January 23, 2018 and sell it today you would lose (100,482)  from holding QuadrigaCX Bitcoin USD or give up 8.97% of portfolio value over 30 days.

Correlation Coefficient

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

Comparative Volatility

 Predicted Return Density 
      Returns 

QuadrigaCX Bitcoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days QuadrigaCX Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Cexio Bitcoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Cexio Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.