Correlation Analysis Between ExtStock Bitcoin and Bitstamp Bitcoin

This module allows you to analyze existing cross correlation between ExtStock Bitcoin USD and Bitstamp Bitcoin USD. You can compare the effects of market volatilities on ExtStock Bitcoin and Bitstamp 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 Bitstamp Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of ExtStock Bitcoin and Bitstamp 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 current stock price disturbance, may contribute to short term losses for the investors.
Bitstamp Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitstamp Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably steady technical indicators, Bitstamp Bitcoin is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

ExtStock Bitcoin and Bitstamp Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  Bitstamp Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 10,110 
85.75  0.86%
Market Cap: 39.3 B
  

Bitstamp

Bitcoin on Bitstamp in USD

 10,051 
(118.63)  1.17%
Market Cap: 337.9 B
 58.40 
0.58% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin USD is expected to under-perform the Bitstamp Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, ExtStock Bitcoin USD is 1.03 times less risky than Bitstamp Bitcoin. The crypto trades about -0.02 of its potential returns per unit of risk. The Bitstamp Bitcoin USD is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest  1,114,306  in Bitstamp Bitcoin USD on July 26, 2019 and sell it today you would lose (97,306)  from holding Bitstamp Bitcoin USD or give up 8.73% of portfolio value over 30 days.

Pair Corralation between ExtStock Bitcoin and Bitstamp Bitcoin

0.98
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ExtStock Bitcoin and Bitstamp Bitcoin

ExtStock Bitcoin USD diversification synergy

Almost no diversification

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