Correlation Analysis Between CoinDeal Bitcoin and LocalBitcoins Bitcoin

This module allows you to analyze existing cross correlation between CoinDeal Bitcoin USD and LocalBitcoins Bitcoin USD. You can compare the effects of market volatilities on CoinDeal Bitcoin and LocalBitcoins 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 LocalBitcoins Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of CoinDeal Bitcoin and LocalBitcoins 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 latest stock price disturbance, may contribute to short term losses for the investors.
LocalBitcoins Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LocalBitcoins Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, LocalBitcoins Bitcoin layed out solid returns over the last few months and may actually be approaching a breakup point.

CoinDeal Bitcoin and LocalBitcoins Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

CoinDeal Bitcoin USD  vs.  LocalBitcoins Bitcoin USD

CoinDeal

Bitcoin on CoinDeal in USD

 10,348 
(40.27)  0.39%
Market Cap: 29.4 B
  

LocalBitcoins

Bitcoin on LocalBitcoins in USD

 12,352 
920.95  8.06%
Market Cap: 876.2 M
(2,004)
19.37% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CoinDeal Bitcoin USD is expected to under-perform the LocalBitcoins Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, CoinDeal Bitcoin USD is 3.21 times less risky than LocalBitcoins Bitcoin. The crypto trades about -0.02 of its potential returns per unit of risk. The LocalBitcoins Bitcoin USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  1,277,988  in LocalBitcoins Bitcoin USD on July 24, 2019 and sell it today you would lose (248,588)  from holding LocalBitcoins Bitcoin USD or give up 19.45% of portfolio value over 30 days.

Pair Corralation between CoinDeal Bitcoin and LocalBitcoins Bitcoin

0.51
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for CoinDeal Bitcoin and LocalBitcoins Bitcoin

CoinDeal Bitcoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding CoinDeal Bitcoin USD and LocalBitcoins Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on LocalBitcoins 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 LocalBitcoins Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LocalBitcoins Bitcoin USD has no effect on the direction of CoinDeal Bitcoin i.e. CoinDeal Bitcoin and LocalBitcoins Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Fund Screener module to find activelly-traded funds from around the world traded on over 30 global exchanges.


 
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