Correlation Analysis Between Coinbase Bitcoin and Coinroom Bitcoin

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

Comparative Performance

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.
Coinroom Bitcoin USD  
2

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinroom Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin and Coinroom Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD  vs.  Coinroom Bitcoin USD

Coinbase

Bitcoin on Coinbase in USD

 3,557 
25.01  0.01%
Market Cap: 21.7 B
  

Coinroom

Bitcoin on Coinroom in USD

 3,507 
(80.31)  0.02%
Market Cap: 855.2 M
 50.41 
1.42% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Coinroom Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 2.19 times less risky than Coinroom Bitcoin. The crypto trades about -0.01 of its potential returns per unit of risk. The Coinroom Bitcoin USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  371,913  in Coinroom Bitcoin USD on December 24, 2018 and sell it today you would lose (8,184)  from holding Coinroom Bitcoin USD or give up 2.2% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Coinroom Bitcoin

0.71
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.62%
ValuesDaily Returns

Diversification Opportunities for Coinbase Bitcoin and Coinroom 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 Coinroom Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinroom 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 Coinroom Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinroom Bitcoin USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Coinroom Bitcoin go up and down completely randomly.

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