Pair Correlation Between Coinbase Bitcoin and Bitfinex Recovery

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

Coinbase

Bitcoin on Coinbase in USD
 17,220 
(95.59)  0.55%
Market Cap: 7429.6 B

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.24 
(0.001)  0.41%
Market Cap: 12.9 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.09 times less return on investment than Bitfinex Recovery. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 3.23 times less risky than Bitfinex Recovery. It trades about 0.39 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  15.58  in Bitfinex Recovery Right Tokens USD on November 13, 2017 and sell it today you would earn a total of  8.92  from holding Bitfinex Recovery Right Tokens USD or generate 57.25% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Bitfinex Recovery
-0.02

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

Bitfinex Recovery Right

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.