Correlation Analysis Between Bitfinex Bitcoin and BTCAlpha Bitcoin

This module allows you to analyze existing cross correlation between Bitfinex Bitcoin USD and BTCAlpha Bitcoin USD. You can compare the effects of market volatilities on Bitfinex Bitcoin and BTCAlpha 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 BTCAlpha Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitfinex Bitcoin and BTCAlpha 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 rather fragile fundamental drivers, Bitfinex Bitcoin exhibited solid returns over the last few months and may actually be approaching a breakup point.
BTCAlpha Bitcoin USD  
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Risk-Adjusted Performance

Over the last 30 days BTCAlpha Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly fragile fundamental indicators, BTCAlpha Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.

Bitfinex Bitcoin and BTCAlpha Bitcoin Volatility Contrast

Bitfinex Bitcoin USD  vs.  BTCAlpha Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 10,180 
(78.04)  0.76%
Market Cap: 304.6 B
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,046 
154.89  1.57%
Market Cap: 1.3 B
 133.50 
1.31% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to generate 2.39 times more return on investment than BTCAlpha Bitcoin. However, Bitfinex Bitcoin is 2.39 times more volatile than BTCAlpha Bitcoin USD. It trades about 0.71 of its potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about 0.71 per unit of risk. If you would invest  988,760  in Bitfinex Bitcoin USD on August 21, 2019 and sell it today you would earn a total of  37,044  from holding Bitfinex Bitcoin USD or generate 3.75% return on investment over 30 days.

Pair Corralation between Bitfinex Bitcoin and BTCAlpha Bitcoin

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and BTCAlpha Bitcoin

Bitfinex Bitcoin USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Bitcoin USD and BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha 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 BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of Bitfinex Bitcoin i.e. Bitfinex Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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