Correlation Analysis Between Bitfinex Bitcoin and itBit Bitcoin

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

Bitfinex Bitcoin USD  
22

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. In spite of rather weak fundamental drivers, Bitfinex Bitcoin exhibited solid returns over the last few months and may actually be approaching a breakup point.
itBit Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, itBit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

Bitfinex Bitcoin and itBit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD  vs.  itBit Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 10,793 
442.51  4.28%
Market Cap: 1774.3 B
  

itBit

Bitcoin on itBit in USD

 10,684 
(96.75)  0.90%
Market Cap: 80.1 B
 108.76 
1.01% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin is expected to generate 1.18 times less return on investment than itBit Bitcoin. But when comparing it to its historical volatility, Bitfinex Bitcoin USD is 1.08 times less risky than itBit Bitcoin. It trades about 0.04 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  1,054,975  in itBit Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  21,325  from holding itBit Bitcoin USD or generate 2.02% return on investment over 30 days.

Pair Corralation between Bitfinex Bitcoin and itBit Bitcoin

0.78
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and itBit Bitcoin

Bitfinex Bitcoin USD diversification synergy

Poor diversification

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