Correlation Analysis Between BitTrex Bitcoin and SingularityX Bitcoin

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

Comparative Performance

BitTrex Bitcoin USD  
33

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. Inspite fairly weak basic indicators, BitTrex Bitcoin showed solid returns over the last few months and may actually be approaching a breakup point.
SingularityX Bitcoin USD  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SingularityX Bitcoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, SingularityX Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

BitTrex Bitcoin and SingularityX Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD  vs.  SingularityX Bitcoin USD

BitTrex

Bitcoin on BitTrex in USD

 10,243 
(209.22)  2.00%
Market Cap: 45.2 B
  

SingularityX

Bitcoin on SingularityX in USD

 10,319 
(40.71)  0.39%
Market Cap: 18.8 B
(76.10)
0.74% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin is expected to generate 1.82 times less return on investment than SingularityX Bitcoin. But when comparing it to its historical volatility, BitTrex Bitcoin USD is 1.57 times less risky than SingularityX Bitcoin. It trades about 0.05 of its potential returns per unit of risk. SingularityX Bitcoin USD is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  957,663  in SingularityX Bitcoin USD on July 19, 2019 and sell it today you would earn a total of  74,229  from holding SingularityX Bitcoin USD or generate 7.75% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and SingularityX Bitcoin

0.56
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and SingularityX Bitcoin

BitTrex Bitcoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Bitcoin USD and SingularityX Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SingularityX 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 SingularityX Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SingularityX Bitcoin USD has no effect on the direction of BitTrex Bitcoin i.e. BitTrex Bitcoin and SingularityX Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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