This module allows you to analyze existing cross correlation between CoinDeal Bitcoin USD and BitTrex Bitcoin USD. You can compare the effects of market volatilities on CoinDeal Bitcoin and BitTrex 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 CoinDeal Bitcoin with a short position of BitTrex Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of CoinDeal Bitcoin and BitTrex Bitcoin.
|Horizon||30 Days Login to change|
|CoinDeal Bitcoin USD|
Over the last 30 days CoinDeal Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Crypto's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the entity investors.
|BitTrex Bitcoin USD|
Over the last 30 days BitTrex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, BitTrex Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
CoinDeal Bitcoin and BitTrex Bitcoin Volatility Contrast
Predicted Return Density
CoinDeal Bitcoin USD vs. BitTrex Bitcoin USD
Assuming 30 trading days horizon, CoinDeal Bitcoin USD is expected to under-perform the BitTrex Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, CoinDeal Bitcoin USD is 1.09 times less risky than BitTrex Bitcoin. The crypto trades about -0.03 of its potential returns per unit of risk. The BitTrex Bitcoin USD is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,168,737 in BitTrex Bitcoin USD on July 24, 2019 and sell it today you would lose (124,293) from holding BitTrex Bitcoin USD or give up 10.63% of portfolio value over 30 days.
Pair Corralation between CoinDeal Bitcoin and BitTrex Bitcoin
|Time Period||2 Months [change]|
Diversification Opportunities for CoinDeal Bitcoin and BitTrex Bitcoin
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding CoinDeal Bitcoin USD and BitTrex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Bitcoin USD and CoinDeal 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 CoinDeal Bitcoin USD are associated (or correlated) with BitTrex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Bitcoin USD has no effect on the direction of CoinDeal Bitcoin i.e. CoinDeal Bitcoin and BitTrex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.