Correlation Analysis Between EXRATES Bitcoin and Coinbase Bitcoin

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

Comparative Performance

EXRATES Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days EXRATES Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.
Coinbase Bitcoin USD  
00

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. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.

EXRATES Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

EXRATES Bitcoin USD  vs.  Coinbase Bitcoin USD

EXRATES

Bitcoin on EXRATES in USD

 10,179 
(185.12)  1.79%
Market Cap: 1332.8 B
  

Coinbase

Bitcoin on Coinbase in USD

 10,152 
(210.02)  2.03%
Market Cap: 871.2 B
 27.12 
0.27% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, EXRATES Bitcoin USD is expected to under-perform the Coinbase Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, EXRATES Bitcoin USD is 1.04 times less risky than Coinbase Bitcoin. The crypto trades about -0.05 of its potential returns per unit of risk. The Coinbase Bitcoin USD is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest  1,253,699  in Coinbase Bitcoin USD on July 25, 2019 and sell it today you would lose (217,479)  from holding Coinbase Bitcoin USD or give up 17.35% of portfolio value over 30 days.

Pair Corralation between EXRATES Bitcoin and Coinbase Bitcoin

0.66
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for EXRATES Bitcoin and Coinbase Bitcoin

EXRATES Bitcoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding EXRATES 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 EXRATES 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 EXRATES 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 EXRATES Bitcoin i.e. EXRATES Bitcoin and Coinbase Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Money Managers module to screen money managers from public funds and etfs managed around the world.


 
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