Correlation Analysis Between coinfield Bitcoin and CoinDeal Bitcoin

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

Comparative Performance

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 latest weak performance, the Crypto's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the entity shareholders.
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 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.

coinfield Bitcoin and CoinDeal Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

coinfield Bitcoin USD  vs.  CoinDeal Bitcoin USD

coinfield

Bitcoin on coinfield in USD

 10,411 
328.87  3.26%
Market Cap: 14.8 B
  

CoinDeal

Bitcoin on CoinDeal in USD

 10,279 
149.49  1.48%
Market Cap: 29.4 B
 132.50 
1.27% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, coinfield Bitcoin USD is expected to generate 1.09 times more return on investment than CoinDeal Bitcoin. However, coinfield Bitcoin is 1.09 times more volatile than CoinDeal Bitcoin USD. It trades about -0.02 of its potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest  1,174,074  in coinfield Bitcoin USD on July 24, 2019 and sell it today you would lose (136,952)  from holding coinfield Bitcoin USD or give up 11.66% of portfolio value over 30 days.

Pair Corralation between coinfield Bitcoin and CoinDeal Bitcoin

0.79
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for coinfield Bitcoin and CoinDeal Bitcoin

coinfield Bitcoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding coinfield Bitcoin USD and CoinDeal Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinDeal Bitcoin USD and coinfield 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 coinfield Bitcoin USD are associated (or correlated) with CoinDeal Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinDeal Bitcoin USD has no effect on the direction of coinfield Bitcoin i.e. coinfield Bitcoin and CoinDeal Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.


 
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