Correlation Analysis Between ExtStock Bitcoin and CoinDeal Bitcoin

This module allows you to analyze existing cross correlation between ExtStock Bitcoin USD and CoinDeal Bitcoin USD. You can compare the effects of market volatilities on ExtStock Bitcoin and CoinDeal 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 CoinDeal Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of ExtStock Bitcoin and CoinDeal 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.
CoinDeal Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days CoinDeal Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, CoinDeal Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

ExtStock Bitcoin and CoinDeal Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  CoinDeal Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 10,110 
85.75  0.86%
Market Cap: 39.3 B
  

CoinDeal

Bitcoin on CoinDeal in USD

 10,121 
84.31  0.84%
Market Cap: 29.4 B
(11.33)
0.11% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Bitcoin USD is expected to generate 1.08 times more return on investment than CoinDeal Bitcoin. However, ExtStock Bitcoin is 1.08 times more volatile than CoinDeal Bitcoin USD. It trades about -0.02 of its potential returns per unit of risk. CoinDeal Bitcoin USD is currently generating about -0.02 per unit of risk. If you would invest  1,113,239  in ExtStock Bitcoin USD on July 26, 2019 and sell it today you would lose (110,837)  from holding ExtStock Bitcoin USD or give up 9.96% of portfolio value over 30 days.

Pair Corralation between ExtStock Bitcoin and CoinDeal Bitcoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ExtStock Bitcoin and CoinDeal 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 CoinDeal Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on CoinDeal 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 CoinDeal Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoinDeal Bitcoin USD has no effect on the direction of ExtStock Bitcoin i.e. ExtStock Bitcoin and CoinDeal 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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