Correlation Analysis Between Bitfinex Bitcoin and Neraex Bitcoin

This module allows you to analyze existing cross correlation between Bitfinex Bitcoin USD and Neraex Bitcoin USD. You can compare the effects of market volatilities on Bitfinex Bitcoin and Neraex 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 Neraex Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitfinex Bitcoin and Neraex 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.
Neraex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Neraex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat 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 Neraex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD  vs.  Neraex Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 10,792 
863.34  8.70%
Market Cap: 1774.3 B
  

Neraex

Bitcoin on Neraex in USD

 10,205 
23.16  0.23%
Market Cap: 38 B
 587.27 
5.44% 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 Neraex Bitcoin. In addition to that, Bitfinex Bitcoin is 1.0 times more volatile than Neraex Bitcoin USD. It trades about -0.03 of its total potential returns per unit of risk. Neraex Bitcoin USD is currently generating about -0.03 per unit of volatility. If you would invest  1,200,445  in Neraex Bitcoin USD on July 23, 2019 and sell it today you would lose (182,274)  from holding Neraex Bitcoin USD or give up 15.18% of portfolio value over 30 days.

Pair Corralation between Bitfinex Bitcoin and Neraex Bitcoin

0.84
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and Neraex Bitcoin

Bitfinex Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Bitcoin USD and Neraex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Neraex 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 Neraex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neraex Bitcoin USD has no effect on the direction of Bitfinex Bitcoin i.e. Bitfinex Bitcoin and Neraex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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