Correlation Analysis Between Coinbase Bitcoin and Bitfinex Bitcoin

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

Comparative Performance

Coinbase Bitcoin USD  
00

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 latest weak performance, the Crypto's forward-looking signals remain invariable and the latest agitation on Wall Street may also be a sign of long running gains for the entity management.
Bitfinex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Crypto's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the entity shareholders.

Coinbase Bitcoin and Bitfinex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD  vs.  Bitfinex Bitcoin USD

Coinbase

Bitcoin on Coinbase in USD

 9,932 
(130.82)  1.30%
Market Cap: 608.6 B
  

Bitfinex

Bitcoin on Bitfinex in USD

 9,939 
(150.90)  1.50%
Market Cap: 1774.3 B
(6.90)
0.07% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 1.03 times more return on investment than Bitfinex Bitcoin. However, Coinbase Bitcoin is 1.03 times more volatile than Bitfinex Bitcoin USD. It trades about -0.03 of its potential returns per unit of risk. Bitfinex Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest  1,168,600  in Coinbase Bitcoin USD on July 22, 2019 and sell it today you would lose (161,992)  from holding Coinbase Bitcoin USD or give up 13.86% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Bitfinex Bitcoin

0.98
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Coinbase Bitcoin and Bitfinex Bitcoin

Coinbase Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Bitfinex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Bitcoin USD and Coinbase 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 Coinbase Bitcoin USD are associated (or correlated) with Bitfinex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Bitcoin USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Bitfinex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaxis investment ideas are predefined, sector-focused investing themes.


 
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