Pair Correlation Between Coinbase Bitcoin and QuadrigaCX Bitcoin

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

Coinbase

Bitcoin on Coinbase in USD
 11,395 
55  0.48%
Market Cap: 1659.4 B
(110.57)

QuadrigaCX

Bitcoin on QuadrigaCX in USD
 11,506 
(494.49)  4.12%
Market Cap: 5.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the QuadrigaCX Bitcoin. In addition to that, Coinbase Bitcoin is 1.18 times more volatile than QuadrigaCX Bitcoin USD. It trades about -0.12 of its total potential returns per unit of risk. QuadrigaCX Bitcoin USD is currently generating about -0.13 per unit of volatility. If you would invest  1,659,800  in QuadrigaCX Bitcoin USD on December 20, 2017 and sell it today you would lose (493,601)  from holding QuadrigaCX Bitcoin USD or give up 29.74% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and QuadrigaCX Bitcoin
0.99

Parameters

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

Diversification

No risk reduction

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

QuadrigaCX Bitcoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days QuadrigaCX Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

QuadrigaCX Bitcoin USD

Pair trading matchups for QuadrigaCX Bitcoin