Correlation Analysis Between Coinbase Bitcoin and CoinDeal Bitcoin

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

Comparative Performance

Coinbase Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Coinbase Bitcoin reported solid returns over the last few months and may actually be approaching a breakup point.
CoinDeal Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CoinDeal Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, CoinDeal Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

Coinbase Bitcoin and CoinDeal Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD  vs.  CoinDeal Bitcoin USD

Coinbase

Bitcoin on Coinbase in USD

 10,807 
36.32  0.34%
Market Cap: 608.6 B
  

CoinDeal

Bitcoin on CoinDeal in USD

 10,760 
590.03  5.80%
Market Cap: 31.4 M
 47.45 
0.44% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 1.12 times more return on investment than CoinDeal Bitcoin. However, Coinbase Bitcoin is 1.12 times more volatile than CoinDeal Bitcoin USD. It trades about 0.04 of its potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about 0.04 per unit of risk. If you would invest  1,048,593  in Coinbase Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  28,475  from holding Coinbase Bitcoin USD or generate 2.72% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and CoinDeal Bitcoin

0.74
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Coinbase Bitcoin and CoinDeal Bitcoin

Coinbase Bitcoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and CoinDeal Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinDeal 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 CoinDeal Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinDeal Bitcoin USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and CoinDeal Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.


 
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