Correlation Analysis Between BitTrex Komodo and Coinbase Bitcoin

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

Comparative Performance

BitTrex Komodo USD  
00

Risk-Adjusted Performance

Over the last 30 days BitTrex Komodo USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly fragile basic indicators, BitTrex Komodo showed solid returns over the last few months and may actually be approaching a breakup point.
Coinbase Bitcoin USD  
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Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively weak forward-looking signals, Coinbase Bitcoin reported solid returns over the last few months and may actually be approaching a breakup point.

BitTrex Komodo and Coinbase Bitcoin Volatility Contrast

BitTrex Komodo USD  vs.  Coinbase Bitcoin USD

BitTrex

Komodo on BitTrex in USD

 0.70 
0.0179  2.63%
Market Cap: 1.4 K
  

Coinbase

Bitcoin on Coinbase in USD

 10,262 
395.78  4.01%
Market Cap: 1386.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Komodo is expected to generate 5.57 times less return on investment than Coinbase Bitcoin. But when comparing it to its historical volatility, BitTrex Komodo USD is 5.57 times less risky than Coinbase Bitcoin. It trades about 0.71 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  986,671  in Coinbase Bitcoin USD on August 20, 2019 and sell it today you would earn a total of  39,578  from holding Coinbase Bitcoin USD or generate 4.01% return on investment over 30 days.

Pair Corralation between BitTrex Komodo and Coinbase Bitcoin

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Komodo and Coinbase Bitcoin

BitTrex Komodo USD diversification synergy

Pay attention

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