Correlation Analysis Between Cexio Bitcoin and itBit Bitcoin

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

Cexio Bitcoin USD  vs.  itBit Bitcoin USD


Bitcoin on Cexio in USD
433.90  6.93%
Market Cap: 8.2 B


Bitcoin on itBit in USD
441.05  7.04%
Market Cap: 40.2 B
0.24% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Cexio Bitcoin is expected to generate 3.35 times less return on investment than itBit Bitcoin. But when comparing it to its historical volatility, Cexio Bitcoin USD is 1.12 times less risky than itBit Bitcoin. It trades about 0.01 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest  670,815  in itBit Bitcoin USD on June 17, 2018 and sell it today you would lose (110.00)  from holding itBit Bitcoin USD or give up 0.02% of portfolio value over 30 days.

Pair Corralation between Cexio Bitcoin and itBit Bitcoin

Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


No risk reduction

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

Comparative Volatility

 Predicted Return Density 
Cexio Bitcoin USD  

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.
itBit Bitcoin USD  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Quick Import module to import or update all your transactions via one easy-to-use interface.