Correlation Analysis Between ExtStock Bitcoin and Coinbase Bitcoin

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

Comparative Performance

ExtStock Bitcoin USD  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in ExtStock Bitcoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, ExtStock Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Coinbase Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Coinbase Bitcoin reported solid returns over the last few months and may actually be approaching a breakup point.

ExtStock Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  Coinbase Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 10,032 
(58.95)  0.58%
Market Cap: 32.2 B
  

Coinbase

Bitcoin on Coinbase in USD

 10,132 
(108.38)  1.06%
Market Cap: 608.6 B
(99.79)
0.99% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin USD is expected to generate 1.01 times more return on investment than Coinbase Bitcoin. However, ExtStock Bitcoin is 1.01 times more volatile than Coinbase Bitcoin USD. It trades about 0.06 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.06 per unit of risk. If you would invest  917,332  in ExtStock Bitcoin USD on July 19, 2019 and sell it today you would earn a total of  85,839  from holding ExtStock Bitcoin USD or generate 9.36% return on investment over 30 days.

Pair Corralation between ExtStock Bitcoin and Coinbase Bitcoin

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

Diversification Opportunities for ExtStock Bitcoin and Coinbase 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 Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase 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 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 ExtStock Bitcoin i.e. ExtStock Bitcoin and Coinbase Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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