Correlation Analysis Between Coinsbit Bitcoin and ExtStock Bitcoin

This module allows you to analyze existing cross correlation between Coinsbit Bitcoin USD and ExtStock Bitcoin USD. You can compare the effects of market volatilities on Coinsbit 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 Coinsbit Bitcoin with a short position of ExtStock Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Coinsbit Bitcoin and ExtStock 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 fragile performance in the last few months, the Crypto's fundamental indicators remain nearly stable which may send shares a bit higher in September 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.
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 somewhat strong basic indicators, ExtStock Bitcoin is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.

Coinsbit Bitcoin and ExtStock Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinsbit Bitcoin USD  vs.  ExtStock Bitcoin USD

Coinsbit

Bitcoin on Coinsbit in USD

 9,987 
(185.06)  1.82%
Market Cap: 162.4 B
  

ExtStock

Bitcoin on ExtStock in USD

 10,231 
206.57  2.06%
Market Cap: 39.3 B
(243.65)
2.44% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinsbit Bitcoin USD is expected to under-perform the ExtStock Bitcoin. In addition to that, Coinsbit Bitcoin is 1.12 times more volatile than ExtStock Bitcoin USD. It trades about -0.04 of its total potential returns per unit of risk. ExtStock Bitcoin USD is currently generating about -0.02 per unit of volatility. If you would invest  1,135,704  in ExtStock Bitcoin USD on July 27, 2019 and sell it today you would lose (112,645)  from holding ExtStock Bitcoin USD or give up 9.92% of portfolio value over 30 days.

Pair Corralation between Coinsbit Bitcoin and ExtStock Bitcoin

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

Diversification Opportunities for Coinsbit Bitcoin and ExtStock Bitcoin

Coinsbit Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinsbit 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 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 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 Coinsbit Bitcoin i.e. Coinsbit Bitcoin and ExtStock Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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