Correlation Analysis 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.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Coinbase Bitcoin USD  vs.  Bitfinex Recovery Right Tokens

Coinbase

Bitcoin on Coinbase in USD
 6,372 
10.98  0.17%
Market Cap: 60.4 M
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.044 
0.0009  2.00%
Market Cap: 937
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.53 times more return on investment than Bitfinex Recovery. However, Coinbase Bitcoin USD is 1.88 times less risky than Bitfinex Recovery. It trades about -0.15 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.14 per unit of risk. If you would invest  736,278  in Coinbase Bitcoin USD on July 19, 2018 and sell it today you would lose (100,184)  from holding Coinbase Bitcoin USD or give up 13.61% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Bitfinex Recovery

0.84
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor 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  
0 

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.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
Bitfinex Recovery Right  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1200.96

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.