Correlation Analysis Between Gemini Bitcoin and Bitfinex Recovery

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

Gemini Bitcoin USD  
1818

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Gemini Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Bitfinex Recovery Right  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Bitfinex Recovery exhibited solid returns over the last few months and may actually be approaching a breakup point.

Gemini Bitcoin and Bitfinex Recovery Volatility Contrast

 Predicted Return Density 
      Returns 

Gemini Bitcoin USD  vs.  Bitfinex Recovery Right Tokens

Gemini

Bitcoin on Gemini in USD

 8,655 
(182.10)  2.06%
Market Cap: 46.9 B
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.06 
(0.00265)  4.23%
Market Cap: 615
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 0.73 times more return on investment than Bitfinex Recovery. However, Gemini Bitcoin USD is 1.37 times less risky than Bitfinex Recovery. It trades about 0.27 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.17 per unit of risk. If you would invest  524,610  in Gemini Bitcoin USD on May 17, 2019 and sell it today you would earn a total of  359,092  from holding Gemini Bitcoin USD or generate 68.45% return on investment over 30 days.

Pair Corralation between Gemini Bitcoin and Bitfinex Recovery

0.51
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Gemini Bitcoin and Bitfinex Recovery

Gemini Bitcoin USD diversification synergy

Very weak diversification

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