Correlation Analysis Between DSX Bitcoin and itBit Bitcoin

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

Comparative Performance

DSX Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days DSX Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat fragile basic indicators, DSX Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
itBit Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat fragile basic indicators, itBit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

DSX Bitcoin and itBit Bitcoin Volatility Contrast

DSX Bitcoin USD  vs.  itBit Bitcoin USD

DSX

Bitcoin on DSX in USD

 10,164 
19.73  0.19%
Market Cap: 220 M
  

itBit

Bitcoin on itBit in USD

 10,194 
326.75  3.31%
Market Cap: 1.6 B
(29.96)
0.29% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, DSX Bitcoin is expected to generate 1.58 times less return on investment than itBit Bitcoin. But when comparing it to its historical volatility, DSX Bitcoin USD is 1.58 times less risky than itBit Bitcoin. It trades about 0.71 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  986,750  in itBit Bitcoin USD on August 21, 2019 and sell it today you would earn a total of  32,675  from holding itBit Bitcoin USD or generate 3.31% return on investment over 30 days.

Pair Corralation between DSX Bitcoin and itBit Bitcoin

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for DSX Bitcoin and itBit Bitcoin

DSX Bitcoin USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding DSX Bitcoin USD and itBit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit Bitcoin USD and DSX 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 DSX Bitcoin USD are associated (or correlated) with itBit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Bitcoin USD has no effect on the direction of DSX Bitcoin i.e. DSX Bitcoin and itBit Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.


 
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