Correlation Analysis Between Bitstamp Bitcoin and BTCAlpha Bitcoin

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

Comparative Performance

Bitstamp Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitstamp Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Bitstamp Bitcoin revealed solid returns over the last few months and may actually be approaching a breakup point.
BTCAlpha Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BTCAlpha Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, BTCAlpha Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.

Bitstamp Bitcoin and BTCAlpha Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitstamp Bitcoin USD  vs.  BTCAlpha Bitcoin USD

Bitstamp

Bitcoin on Bitstamp in USD

 10,675 
(111.04)  1.03%
Market Cap: 337.9 B
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,197 
(558.45)  5.19%
Market Cap: 45.9 B
 477.98 
4.48% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Bitcoin is expected to generate 1.14 times less return on investment than BTCAlpha Bitcoin. In addition to that, Bitstamp Bitcoin is 1.01 times more volatile than BTCAlpha Bitcoin USD. It trades about 0.04 of its total potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about 0.05 per unit of volatility. If you would invest  1,027,437  in BTCAlpha Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  48,104  from holding BTCAlpha Bitcoin USD or generate 4.68% return on investment over 30 days.

Pair Corralation between Bitstamp Bitcoin and BTCAlpha Bitcoin

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitstamp Bitcoin and BTCAlpha Bitcoin

Bitstamp Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitstamp Bitcoin USD and BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha 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 BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of Bitstamp Bitcoin i.e. Bitstamp Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Instant Ratings module to determine any equity ratings based on digital recommendations. macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
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