Correlation Analysis Between Exmo Bitcoin and Coinbase Bitcoin

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

Comparative Performance

Exmo Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Exmo Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Exmo Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Exmo Bitcoin USD  vs.  Coinbase Bitcoin USD

Exmo

Bitcoin on Exmo in USD

 3,745 
(7.90)  0.00%
Market Cap: 3.7 B
  

Coinbase

Bitcoin on Coinbase in USD

 3,628 
1.96  0.0005%
Market Cap: 21.7 B
 117.17 
3.13% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exmo Bitcoin USD is expected to generate 1.18 times more return on investment than Coinbase Bitcoin. However, Exmo Bitcoin is 1.18 times more volatile than Coinbase Bitcoin USD. It trades about -0.1 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.12 per unit of risk. If you would invest  503,813  in Exmo Bitcoin USD on December 19, 2018 and sell it today you would lose (129,313)  from holding Exmo Bitcoin USD or give up 25.67% of portfolio value over 30 days.

Pair Corralation between Exmo Bitcoin and Coinbase Bitcoin

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Exmo Bitcoin and Coinbase Bitcoin

Exmo Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Exmo Bitcoin USD and Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Bitcoin USD and Exmo 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 Exmo Bitcoin USD are associated (or correlated) with Coinbase Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Bitcoin USD has no effect on the direction of Exmo Bitcoin i.e. Exmo Bitcoin and Coinbase Bitcoin go up and down completely randomly.

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