Correlation Analysis Between coinfield Bitcoin and Gemini Bitcoin

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

Comparative Performance

coinfield Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in coinfield Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, coinfield Bitcoin exhibited solid returns over the last few months and may actually be approaching a breakup point.
Gemini Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Gemini Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

coinfield Bitcoin and Gemini Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

coinfield Bitcoin USD  vs.  Gemini Bitcoin USD

coinfield

Bitcoin on coinfield in USD

 10,782 
14.23  0.13%
Market Cap: 14.8 B
  

Gemini

Bitcoin on Gemini in USD

 10,823 
43.88  0.41%
Market Cap: 55.6 B
(41.44)
0.38% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, coinfield Bitcoin USD is expected to generate 0.98 times more return on investment than Gemini Bitcoin. However, coinfield Bitcoin USD is 1.02 times less risky than Gemini Bitcoin. It trades about 0.04 of its potential returns per unit of risk. Gemini Bitcoin USD is currently generating about 0.04 per unit of risk. If you would invest  1,040,335  in coinfield Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  36,423  from holding coinfield Bitcoin USD or generate 3.5% return on investment over 30 days.

Pair Corralation between coinfield Bitcoin and Gemini Bitcoin

0.81
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for coinfield Bitcoin and Gemini 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 Gemini Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gemini 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 Gemini Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gemini Bitcoin USD has no effect on the direction of coinfield Bitcoin i.e. coinfield Bitcoin and Gemini Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
Search macroaxis.com