Correlation Analysis Between Cexio Bitcoin and Coinbase Bitcoin

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

Comparative Performance

Cexio Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Cexio Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD  
0

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.

Cexio Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Cexio Bitcoin USD  vs.  Coinbase Bitcoin USD

Cexio

Bitcoin on Cexio in USD

 3,270 
0.60  0.0184%
Market Cap: 1.5 B
  

Coinbase

Bitcoin on Coinbase in USD

 3,206 
(15.77)  0.49%
Market Cap: 40.3 B
 64.06 
1.96% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin USD is expected to under-perform the Coinbase Bitcoin. In addition to that, Cexio Bitcoin is 1.04 times more volatile than Coinbase Bitcoin USD. It trades about -0.35 of its total potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.36 per unit of volatility. If you would invest  644,401  in Coinbase Bitcoin USD on November 16, 2018 and sell it today you would lose (323,501)  from holding Coinbase Bitcoin USD or give up 50.2% of portfolio value over 30 days.

Pair Corralation between Cexio Bitcoin and Coinbase Bitcoin

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Cexio Bitcoin and Coinbase Bitcoin

Cexio Bitcoin USD diversification synergy

No risk reduction

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

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