Pair Correlation Between Bitfinex Bitcoin and QuadrigaCX Bitcoin

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

Bitfinex

Bitcoin on Bitfinex in USD
 12,508 
818  7%
Market Cap: 13064.5 B
(195.41)

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 12,703 
703.41  5.86%
Market Cap: 5.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to generate 1.3 times more return on investment than QuadrigaCX Bitcoin. However, Bitfinex Bitcoin is 1.3 times more volatile than QuadrigaCX Bitcoin USD. It trades about -0.01 of its potential returns per unit of risk. QuadrigaCX Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,350,000  in Bitfinex Bitcoin USD on December 21, 2017 and sell it today you would lose (181,000)  from holding Bitfinex Bitcoin USD or give up 13.41% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Bitcoin and QuadrigaCX Bitcoin
0.98

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD

  
0 

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.

Bitfinex Bitcoin USD

Pair trading matchups for Bitfinex Bitcoin

QuadrigaCX Bitcoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days QuadrigaCX Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

QuadrigaCX Bitcoin USD

Pair trading matchups for QuadrigaCX Bitcoin