Correlation Analysis Between Gemini Bitcoin and Coinbase Bitcoin

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

Comparative Performance

Gemini Bitcoin USD  
8

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
Coinbase Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Gemini Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Gemini Bitcoin USD  vs.  Coinbase Bitcoin USD

Gemini

Bitcoin on Gemini in USD

 3,525 
(6.16)  0.00%
Market Cap: 7 B
  

Coinbase

Bitcoin on Coinbase in USD

 3,528 
(4.23)  0.00%
Market Cap: 21.7 B
(3.44)
0.1% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 34.95 times more return on investment than Coinbase Bitcoin. However, Gemini Bitcoin is 34.95 times more volatile than Coinbase Bitcoin USD. It trades about 0.13 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  419,413  in Gemini Bitcoin USD on December 22, 2018 and sell it today you would lose (66,947)  from holding Gemini Bitcoin USD or give up 15.96% of portfolio value over 30 days.

Pair Corralation between Gemini Bitcoin and Coinbase Bitcoin

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

Diversification Opportunities for Gemini Bitcoin and Coinbase Bitcoin

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 Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Bitcoin USD 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 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 Gemini Bitcoin i.e. Gemini Bitcoin and Coinbase Bitcoin go up and down completely randomly.

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