Correlation Analysis Between Bitfinex Bitcoin and EXRATES Bitcoin

This module allows you to analyze existing cross correlation between Bitfinex Bitcoin USD and EXRATES Bitcoin USD. You can compare the effects of market volatilities on Bitfinex Bitcoin and EXRATES 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 EXRATES Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitfinex Bitcoin and EXRATES Bitcoin.
Horizon     30 Days    Login   to change
Symbolsvs
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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 latest weak performance, the Crypto's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the entity shareholders.
EXRATES Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days EXRATES Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of latest weak performance, the Crypto's forward-looking signals remain invariable and the latest agitation on Wall Street may also be a sign of long running gains for the entity management.

Bitfinex Bitcoin and EXRATES Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD  vs.  EXRATES Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 9,939 
(150.90)  1.50%
Market Cap: 1774.3 B
  

EXRATES

Bitcoin on EXRATES in USD

 9,915 
(190.16)  1.88%
Market Cap: 1332.8 B
 24.56 
0.25% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to generate 1.03 times more return on investment than EXRATES Bitcoin. However, Bitfinex Bitcoin is 1.03 times more volatile than EXRATES Bitcoin USD. It trades about -0.03 of its potential returns per unit of risk. EXRATES Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest  1,170,400  in Bitfinex Bitcoin USD on July 22, 2019 and sell it today you would lose (165,207)  from holding Bitfinex Bitcoin USD or give up 14.12% of portfolio value over 30 days.

Pair Corralation between Bitfinex Bitcoin and EXRATES Bitcoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and EXRATES Bitcoin

Bitfinex Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Bitcoin USD and EXRATES Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on EXRATES 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 EXRATES Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXRATES Bitcoin USD has no effect on the direction of Bitfinex Bitcoin i.e. Bitfinex Bitcoin and EXRATES Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.


 
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