Correlation Analysis Between coinfield Bitcoin and ExtStock Bitcoin

This module allows you to analyze existing cross correlation between coinfield Bitcoin USD and ExtStock Bitcoin USD. You can compare the effects of market volatilities on coinfield Bitcoin and ExtStock 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 ExtStock Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of coinfield Bitcoin and ExtStock 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.
ExtStock Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days ExtStock 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 ExtStock Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

coinfield Bitcoin USD  vs.  ExtStock Bitcoin USD

coinfield

Bitcoin on coinfield in USD

 10,066 
(192.34)  1.87%
Market Cap: 14.8 B
  

ExtStock

Bitcoin on ExtStock in USD

 10,053 
(114.59)  1.13%
Market Cap: 32.2 B
 13.70 
0.14% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, coinfield Bitcoin USD is expected to under-perform the ExtStock Bitcoin. In addition to that, coinfield Bitcoin is 1.0 times more volatile than ExtStock Bitcoin USD. It trades about -0.03 of its total potential returns per unit of risk. ExtStock Bitcoin USD is currently generating about -0.03 per unit of volatility. If you would invest  1,159,300  in ExtStock Bitcoin USD on July 22, 2019 and sell it today you would lose (157,758)  from holding ExtStock Bitcoin USD or give up 13.61% of portfolio value over 30 days.

Pair Corralation between coinfield Bitcoin and ExtStock Bitcoin

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for coinfield Bitcoin and ExtStock Bitcoin

coinfield Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding coinfield Bitcoin USD and ExtStock Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ExtStock 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 ExtStock Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ExtStock Bitcoin USD has no effect on the direction of coinfield Bitcoin i.e. coinfield Bitcoin and ExtStock Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Reporting module to create custom reports across your portfolios and generate quick suggestion pitch.


 
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