Correlation Analysis Between Gemini Bitcoin and ExtStock Bitcoin

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

Comparative Performance

Gemini Bitcoin USD  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 4 (%) 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.
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.

Gemini Bitcoin and ExtStock Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Gemini Bitcoin USD  vs.  ExtStock Bitcoin USD

Gemini

Bitcoin on Gemini in USD

 10,417 
183.31  1.79%
Market Cap: 97.7 B
  

ExtStock

Bitcoin on ExtStock in USD

 10,282 
191.35  1.90%
Market Cap: 32.2 B
 135.43 
1.30% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin is expected to generate 1.18 times less return on investment than ExtStock Bitcoin. But when comparing it to its historical volatility, Gemini Bitcoin USD is 1.01 times less risky than ExtStock Bitcoin. It trades about 0.06 of its potential returns per unit of risk. ExtStock Bitcoin USD is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest  917,332  in ExtStock Bitcoin USD on July 19, 2019 and sell it today you would earn a total of  110,869  from holding ExtStock Bitcoin USD or generate 12.09% return on investment over 30 days.

Pair Corralation between Gemini Bitcoin and ExtStock Bitcoin

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

Diversification Opportunities for Gemini Bitcoin and ExtStock Bitcoin

Gemini Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gemini Bitcoin USD and ExtStock Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ExtStock 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 ExtStock Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ExtStock Bitcoin USD has no effect on the direction of Gemini Bitcoin i.e. Gemini Bitcoin and ExtStock Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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