Correlation Analysis Between ExtStock Bitcoin and Bitfinex Bitcoin

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

Comparative Performance

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.
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 rather fragile fundamental drivers, Bitfinex Bitcoin exhibited solid returns over the last few months and may actually be approaching a breakup point.

ExtStock Bitcoin and Bitfinex Bitcoin Volatility Contrast

ExtStock Bitcoin USD  vs.  Bitfinex Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 9,761 
(3.91)  0.04%
Market Cap: 40.2 B
  

Bitfinex

Bitcoin on Bitfinex in USD

 10,051 
163.40  1.65%
Market Cap: 304.6 B
(289.91)
2.97% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin is expected to generate 12.48 times less return on investment than Bitfinex Bitcoin. But when comparing it to its historical volatility, ExtStock Bitcoin USD is 12.49 times less risky than Bitfinex Bitcoin. It trades about 0.71 of its potential returns per unit of risk. Bitfinex Bitcoin USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  988,760  in Bitfinex Bitcoin USD on August 20, 2019 and sell it today you would earn a total of  16,340  from holding Bitfinex Bitcoin USD or generate 1.65% return on investment over 30 days.

Pair Corralation between ExtStock Bitcoin and Bitfinex Bitcoin

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

Diversification Opportunities for ExtStock Bitcoin and Bitfinex Bitcoin

ExtStock Bitcoin USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding ExtStock 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 ExtStock 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 ExtStock 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 ExtStock Bitcoin i.e. ExtStock Bitcoin and Bitfinex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..


 
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