Pair Correlation Between Coinbase Bitcoin and CCEX Anarchists

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

Coinbase

Bitcoin on Coinbase in USD
 19,399 
(251.01)  1.28%
Market Cap: 7461.7 B

CCEX

Anarchists Prime on CCEX in USD
 0.03 
(0.02)  40%
Market Cap: 3.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 7.13 times less return on investment than CCEX Anarchists. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 9.75 times less risky than CCEX Anarchists. It trades about 0.38 of its potential returns per unit of risk. CCEX Anarchists Prime USD is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest  0.31  in CCEX Anarchists Prime USD on November 16, 2017 and sell it today you would earn a total of  2.69  from holding CCEX Anarchists Prime USD or generate 867.74% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and CCEX Anarchists
0.65

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

CCEX Anarchists Prime

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Anarchists Prime USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.