Correlation Analysis Between CoinDeal Bitcoin and coinfield Bitcoin

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

Comparative Performance

CoinDeal Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days CoinDeal Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, CoinDeal Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
coinfield Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days coinfield Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

CoinDeal Bitcoin and coinfield Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

CoinDeal Bitcoin USD  vs.  coinfield Bitcoin USD

CoinDeal

Bitcoin on CoinDeal in USD

 10,230 
193.32  1.93%
Market Cap: 29.4 B
  

coinfield

Bitcoin on coinfield in USD

 10,120 
(277.94)  2.67%
Market Cap: 14.8 B
 110.11 
1.08% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CoinDeal Bitcoin USD is expected to generate 0.9 times more return on investment than coinfield Bitcoin. However, CoinDeal Bitcoin USD is 1.11 times less risky than coinfield Bitcoin. It trades about -0.02 of its potential returns per unit of risk. coinfield Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,106,600  in CoinDeal Bitcoin USD on July 26, 2019 and sell it today you would lose (102,921)  from holding CoinDeal Bitcoin USD or give up 9.3% of portfolio value over 30 days.

Pair Corralation between CoinDeal Bitcoin and coinfield Bitcoin

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for CoinDeal Bitcoin and coinfield Bitcoin

CoinDeal Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CoinDeal Bitcoin USD and coinfield Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on coinfield 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 coinfield Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of coinfield Bitcoin USD has no effect on the direction of CoinDeal Bitcoin i.e. CoinDeal Bitcoin and coinfield Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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