This module allows you to analyze existing cross correlation between Bitstamp Bitcoin USD and BitBay Bitcoin USD. You can compare the effects of market volatilities on Bitstamp Bitcoin and BitBay 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 Bitstamp Bitcoin with a short position of BitBay Bitcoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of Bitstamp Bitcoin
and BitBay Bitcoin
Bitstamp Bitcoin USD vs. BitBay Bitcoin USD
Assuming 30 trading days horizon, Bitstamp Bitcoin USD is expected to generate 1.38 times more return on investment than BitBay Bitcoin. However, Bitstamp Bitcoin is 1.38 times more volatile than BitBay Bitcoin USD. It trades about 0.22 of its potential returns per unit of risk. BitBay Bitcoin USD is currently generating about 0.25 per unit of risk. If you would invest 597,024 in Bitstamp Bitcoin USD on June 21, 2018 and sell it today you would earn a total of 129,102 from holding Bitstamp Bitcoin USD or generate 21.62% return on investment over 30 days.
Pair Corralation between Bitstamp Bitcoin and BitBay Bitcoin
|Time Period||1 Month [change]|
Very poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding Bitstamp Bitcoin USD and BitBay Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitBay Bitcoin USD and Bitstamp 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 Bitstamp Bitcoin USD are associated (or correlated) with BitBay Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitBay Bitcoin USD has no effect on the direction of Bitstamp Bitcoin i.e. Bitstamp Bitcoin and BitBay Bitcoin go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Bitstamp Bitcoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Bitcoin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.
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