Correlation Analysis Between Coinbase Bitcoin and Bitfinex NEO

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

Coinbase Bitcoin USD  vs.  Bitfinex NEO USD


Bitcoin on Coinbase in USD

3.84  0.06%
Market Cap: 176.3 B


NEO on Bitfinex in USD

0.50  2.92%
Market Cap: 98.8 M
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Bitfinex NEO. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 2.49 times less risky than Bitfinex NEO. The crypto trades about -0.07 of its potential returns per unit of risk. The Bitfinex NEO USD is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest  1,839  in Bitfinex NEO USD on August 21, 2018 and sell it today you would lose (120.00)  from holding Bitfinex NEO USD or give up 6.53% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Bitfinex NEO

Time Period1 Month [change]
ValuesDaily Returns


Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Bitfinex NEO USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex NEO 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 NEO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex NEO USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Bitfinex NEO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
Bitfinex NEO USD  

Risk-Adjusted Performance

Over the last 30 days Bitfinex NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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