Correlation Analysis Between Coinsbit Bitcoin and BTCAlpha Bitcoin

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

Comparative Performance

Coinsbit Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Coinsbit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, Coinsbit Bitcoin is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholder.
BTCAlpha Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, BTCAlpha Bitcoin is not utilizing all of its potentials. The latest stock price disturbance, may contribute to mid-run losses for the stockholder.

Coinsbit Bitcoin and BTCAlpha Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinsbit Bitcoin USD  vs.  BTCAlpha Bitcoin USD

Coinsbit

Bitcoin on Coinsbit in USD

 10,401 
(5.22)  0.05%
Market Cap: 162.4 B
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,361 
217.46  2.14%
Market Cap: 45.9 B
 39.32 
0.38% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinsbit Bitcoin USD is expected to generate 1.13 times more return on investment than BTCAlpha Bitcoin. However, Coinsbit Bitcoin is 1.13 times more volatile than BTCAlpha Bitcoin USD. It trades about -0.01 of its potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about -0.02 per unit of risk. If you would invest  1,171,291  in Coinsbit Bitcoin USD on July 24, 2019 and sell it today you would lose (131,213)  from holding Coinsbit Bitcoin USD or give up 11.2% of portfolio value over 30 days.

Pair Corralation between Coinsbit Bitcoin and BTCAlpha Bitcoin

0.69
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Coinsbit Bitcoin and BTCAlpha Bitcoin

Coinsbit Bitcoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinsbit Bitcoin USD and BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha Bitcoin USD and Coinsbit 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 Coinsbit Bitcoin USD are associated (or correlated) with BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of Coinsbit Bitcoin i.e. Coinsbit Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.


 
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