Pair Correlation Between Bitfinex Bitcoin and BitBay Bitcoin

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


Bitcoin on Bitfinex in USD
(540)  4.17%
Market Cap: 13064.5 B


Bitcoin on BitBay in USD
(319.98)  2.48%
Market Cap: 1.2 B
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to generate 1.44 times more return on investment than BitBay Bitcoin. However, Bitfinex Bitcoin is 1.44 times more volatile than BitBay Bitcoin USD. It trades about 0.03 of its potential returns per unit of risk. BitBay Bitcoin USD is currently generating about -0.09 per unit of risk. If you would invest  1,350,000  in Bitfinex Bitcoin USD on December 21, 2017 and sell it today you would lose (55,900)  from holding Bitfinex Bitcoin USD or give up 4.14% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Bitcoin and BitBay Bitcoin


Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


Almost no diversification

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

Comparative Volatility

 Predicted Return Density 

Bitfinex Bitcoin USD


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Bitcoin USD

Pair trading matchups for Bitfinex Bitcoin

BitBay Bitcoin USD


Risk-Adjusted Performance

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

BitBay Bitcoin USD

Pair trading matchups for BitBay Bitcoin