Correlation Analysis Between BTCAlpha Bitcoin and Exenium Bitcoin

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

Comparative Performance

BTCAlpha Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BTCAlpha Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, BTCAlpha Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.
Exenium Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exenium Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Exenium Bitcoin revealed solid returns over the last few months and may actually be approaching a breakup point.

BTCAlpha Bitcoin and Exenium Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

BTCAlpha Bitcoin USD  vs.  Exenium Bitcoin USD

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,313 
(470.64)  4.36%
Market Cap: 45.9 B
  

Exenium

Bitcoin on Exenium in USD

 10,440 
(124.93)  1.18%
Market Cap: 360.9 M
(127.72)
1.24% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BTCAlpha Bitcoin USD is expected to generate 1.01 times more return on investment than Exenium Bitcoin. However, BTCAlpha Bitcoin is 1.01 times more volatile than Exenium Bitcoin USD. It trades about 0.05 of its potential returns per unit of risk. Exenium Bitcoin USD is currently generating about 0.04 per unit of risk. If you would invest  1,027,437  in BTCAlpha Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  50,550  from holding BTCAlpha Bitcoin USD or generate 4.92% return on investment over 30 days.

Pair Corralation between BTCAlpha Bitcoin and Exenium Bitcoin

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BTCAlpha Bitcoin and Exenium Bitcoin

BTCAlpha Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding BTCAlpha Bitcoin USD and Exenium Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exenium Bitcoin USD and BTCAlpha 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 BTCAlpha Bitcoin USD are associated (or correlated) with Exenium Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exenium Bitcoin USD has no effect on the direction of BTCAlpha Bitcoin i.e. BTCAlpha Bitcoin and Exenium Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.


 
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