Correlation Analysis Between Cexio Dash and itBit Bitcoin

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

Comparative Performance

Cexio Dash USD  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Dash USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Cexio Dash exhibited solid returns over the last few months and may actually be approaching a breakup point.
itBit Bitcoin USD  
1919

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, itBit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

Cexio Dash and itBit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Cexio Dash USD  vs.  itBit Bitcoin USD

Cexio

Dash on Cexio in USD

 152.87 
(3.70)  2.36%
Market Cap: 1.1 M
  

itBit

Bitcoin on itBit in USD

 8,706 
(136.00)  1.54%
Market Cap: 93.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Dash is expected to generate 2.0 times less return on investment than itBit Bitcoin. In addition to that, Cexio Dash is 1.2 times more volatile than itBit Bitcoin USD. It trades about 0.12 of its total potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.29 per unit of volatility. If you would invest  525,650  in itBit Bitcoin USD on May 17, 2019 and sell it today you would earn a total of  358,600  from holding itBit Bitcoin USD or generate 68.22% return on investment over 30 days.

Pair Corralation between Cexio Dash and itBit Bitcoin

0.91
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Cexio Dash and itBit Bitcoin

Cexio Dash USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Cexio Dash 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 Dash 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 Dash 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 Dash i.e. Cexio Dash and itBit Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.


 
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