Pair Correlation Between Gemini Bitcoin and HitBTC Bitcoin

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

Gemini Bitcoin USD  vs.  HitBTC Bitcoin USD

Gemini

Bitcoin on Gemini in USD
 8,400 
139.00  1.68%
Market Cap: 137.2 B
  

HitBTC

Bitcoin on HitBTC in USD
 8,480 
12.27  0.14%
Market Cap: 317.4 B
(80.42)
0.96% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 1.14 times more return on investment than HitBTC Bitcoin. However, Gemini Bitcoin is 1.14 times more volatile than HitBTC Bitcoin USD. It trades about -0.09 of its potential returns per unit of risk. HitBTC Bitcoin USD is currently generating about -0.11 per unit of risk. If you would invest  1,169,320  in Gemini Bitcoin USD on March 21, 2018 and sell it today you would lose (343,220)  from holding Gemini Bitcoin USD or give up 29.35% of portfolio value over 30 days.

Pair Corralation between Gemini Bitcoin and HitBTC Bitcoin

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Gemini Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Gemini Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC Bitcoin USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Volatility Analysis module to get historical volatility and risk analysis based on latest market data.