Correlation Analysis Between Bitstamp Bitcoin and itBit Bitcoin

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

Bitstamp Bitcoin USD  vs.  itBit Bitcoin USD

Bitstamp

Bitcoin on Bitstamp in USD
 6,030 
75.40  1.27%
Market Cap: 115.6 B
  

itBit

Bitcoin on itBit in USD
 6,032 
62.41  1.05%
Market Cap: 73.7 B
(2.14)
0.035488% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Bitcoin USD is expected to generate 1.15 times more return on investment than itBit Bitcoin. However, Bitstamp Bitcoin is 1.15 times more volatile than itBit Bitcoin USD. It trades about -0.18 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about -0.21 per unit of risk. If you would invest  734,857  in Bitstamp Bitcoin USD on July 15, 2018 and sell it today you would lose (131,830)  from holding Bitstamp Bitcoin USD or give up 17.94% of portfolio value over 30 days.

Pair Corralation between Bitstamp Bitcoin and itBit Bitcoin

1.0
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitstamp Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitstamp Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
itBit Bitcoin USD  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1237.61

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.