Correlation Analysis Between Bitfinex Bitcoin and BitTrex Bitcoin

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

Comparative Performance

Bitfinex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.
BitTrex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BitTrex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite weak performance in the last few months, the Crypto's basic indicators remain fairly strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.

Bitfinex Bitcoin and BitTrex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD  vs.  BitTrex Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 10,306 
(58.60)  0.57%
Market Cap: 624.7 B
  

BitTrex

Bitcoin on BitTrex in USD

 10,299 
(75.54)  0.73%
Market Cap: 29.7 B
 7.10 
0.07% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to under-perform the BitTrex Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Bitcoin USD is 1.03 times less risky than BitTrex Bitcoin. The crypto trades about -0.05 of its potential returns per unit of risk. The BitTrex Bitcoin USD is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest  1,221,551  in BitTrex Bitcoin USD on July 25, 2019 and sell it today you would lose (191,661)  from holding BitTrex Bitcoin USD or give up 15.69% of portfolio value over 30 days.

Pair Corralation between Bitfinex Bitcoin and BitTrex Bitcoin

0.46
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and BitTrex Bitcoin

Bitfinex Bitcoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Bitcoin USD and BitTrex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex 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 BitTrex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Bitcoin USD has no effect on the direction of Bitfinex Bitcoin i.e. Bitfinex Bitcoin and BitTrex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Reporting module to create custom reports across your portfolios and generate quick suggestion pitch.


 
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