Correlation Analysis Between Bitstamp Bitcoin and BitBay Bitcoin

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.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Bitstamp Bitcoin USD  vs.  BitBay Bitcoin USD

Bitstamp

Bitcoin on Bitstamp in USD
 7,311 
49.26  0.68%
Market Cap: 360.8 B
  

BitBay

Bitcoin on BitBay in USD
 7,218 
39.00  0.54%
Market Cap: 238.7 K
 92.52 
1.27% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

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

0.88
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy95.65%
ValuesDaily Returns

Diversification

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.

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitstamp Bitcoin USD  
14 

Risk-Adjusted Performance

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.

Bitstamp Bitcoin USD

Pair trading matchups for Bitstamp Bitcoin
BitBay Bitcoin USD  
16 

Risk-Adjusted Performance

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.

BitBay Bitcoin USD

Pair trading matchups for BitBay Bitcoin

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GOOG - USA Stock
Alphabet
Specialization
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$0.0
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