This module allows you to analyze existing cross correlation between BitTrex Bitcoin USD and CoinDeal Bitcoin USD. You can compare the effects of market volatilities on BitTrex Bitcoin and CoinDeal 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 BitTrex Bitcoin with a short position of CoinDeal Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of BitTrex Bitcoin and CoinDeal Bitcoin.
|Horizon||30 Days Login to change|
|BitTrex Bitcoin USD|
Over the last 30 days BitTrex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, BitTrex Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
|CoinDeal Bitcoin USD|
Over the last 30 days CoinDeal Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, CoinDeal Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
BitTrex Bitcoin and CoinDeal Bitcoin Volatility Contrast
Predicted Return Density
BitTrex Bitcoin USD vs. CoinDeal Bitcoin USD
Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to under-perform the CoinDeal Bitcoin. In addition to that, BitTrex Bitcoin is 1.12 times more volatile than CoinDeal Bitcoin USD. It trades about -0.01 of its total potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about -0.01 per unit of volatility. If you would invest 1,106,600 in CoinDeal Bitcoin USD on July 26, 2019 and sell it today you would lose (81,700) from holding CoinDeal Bitcoin USD or give up 7.38% of portfolio value over 30 days.
Pair Corralation between BitTrex Bitcoin and CoinDeal Bitcoin
|Time Period||2 Months [change]|
Diversification Opportunities for BitTrex Bitcoin and CoinDeal Bitcoin
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Bitcoin USD and CoinDeal Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinDeal Bitcoin USD and BitTrex 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 BitTrex Bitcoin USD are associated (or correlated) with CoinDeal Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinDeal Bitcoin USD has no effect on the direction of BitTrex Bitcoin i.e. BitTrex Bitcoin and CoinDeal Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.