Correlation Analysis Between Exenium Bitcoin and Bitfinex Bitcoin

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

Exenium Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Exenium Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Even with latest weak performance, the Crypto's technical indicators remain steady and the new chaos on Wall Street may also be a sign of medium term gains for the entity stakeholders.
Bitfinex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex 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.

Exenium Bitcoin and Bitfinex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Exenium Bitcoin USD  vs.  Bitfinex Bitcoin USD

Exenium

Bitcoin on Exenium in USD

 9,827 
(53.27)  0.54%
Market Cap: 360.9 M
  

Bitfinex

Bitcoin on Bitfinex in USD

 9,939 
(150.90)  1.50%
Market Cap: 1774.3 B
(112.15)
1.14% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exenium Bitcoin USD is expected to generate 1.01 times more return on investment than Bitfinex Bitcoin. However, Exenium Bitcoin is 1.01 times more volatile than Bitfinex Bitcoin USD. It trades about -0.03 of its potential returns per unit of risk. Bitfinex Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest  1,147,708  in Exenium Bitcoin USD on July 22, 2019 and sell it today you would lose (161,721)  from holding Exenium Bitcoin USD or give up 14.09% of portfolio value over 30 days.

Pair Corralation between Exenium Bitcoin and Bitfinex Bitcoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Exenium Bitcoin and Bitfinex Bitcoin

Exenium Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Exenium Bitcoin USD and Bitfinex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Bitcoin USD and Exenium 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 Exenium Bitcoin USD are associated (or correlated) with Bitfinex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Bitcoin USD has no effect on the direction of Exenium Bitcoin i.e. Exenium Bitcoin and Bitfinex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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