Correlation Analysis Between ExtStock Bitcoin and itBit Bitcoin

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

Risk-Adjusted Performance

Over the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, itBit 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 itBit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Bitcoin USD  vs.  itBit Bitcoin USD

ExtStock

Bitcoin on ExtStock in USD

 10,286 
271.10  2.71%
Market Cap: 32.2 B
  

itBit

Bitcoin on itBit in USD

 10,412 
239.50  2.35%
Market Cap: 80.1 B
(126.46)
1.23% 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 itBit Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, ExtStock Bitcoin USD is 1.06 times less risky than itBit Bitcoin. The crypto trades about -0.02 of its potential returns per unit of risk. The itBit Bitcoin USD is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest  1,175,525  in itBit Bitcoin USD on July 24, 2019 and sell it today you would lose (134,275)  from holding itBit Bitcoin USD or give up 11.42% of portfolio value over 30 days.

Pair Corralation between ExtStock Bitcoin and itBit Bitcoin

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ExtStock Bitcoin and itBit Bitcoin

ExtStock Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding ExtStock Bitcoin USD and itBit Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit 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 itBit Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Bitcoin USD has no effect on the direction of ExtStock Bitcoin i.e. ExtStock Bitcoin and itBit Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.


 
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