Correlation Analysis Between BitTrex Bitcoin and itBit Bitcoin

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

BitTrex Bitcoin USD  vs.  itBit Bitcoin USD

BitTrex

Bitcoin on BitTrex in USD

 6,435 
17.00  0.26%
Market Cap: 1.8 B
  

itBit

Bitcoin on itBit in USD

 6,454 
28.66  0.44%
Market Cap: 46.4 B
(18.63)
0.29% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin is expected to generate 1.08 times less return on investment than itBit Bitcoin. In addition to that, BitTrex Bitcoin is 1.22 times more volatile than itBit Bitcoin USD. It trades about 0.06 of its total potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.08 per unit of volatility. If you would invest  625,134  in itBit Bitcoin USD on September 16, 2018 and sell it today you would earn a total of  18,850  from holding itBit Bitcoin USD or generate 3.02% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and itBit Bitcoin

0.91
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex 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 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 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 BitTrex Bitcoin i.e. BitTrex Bitcoin and itBit Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
BitTrex Bitcoin USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
itBit Bitcoin USD  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1110.08

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See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.


 
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