Correlation Analysis Between itBit Bitcoin and BitTrex Bitcoin

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

itBit Bitcoin USD  vs.  BitTrex Bitcoin USD

itBit

Bitcoin on itBit in USD

 6,398 
12.44  0.19%
Market Cap: 46.4 B
  

BitTrex

Bitcoin on BitTrex in USD

 6,395 
20.51  0.32%
Market Cap: 1.3 B
 2.44 
0.038139% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the BitTrex Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 1.13 times less risky than BitTrex Bitcoin. The crypto trades about -0.01 of its potential returns per unit of risk. The BitTrex Bitcoin USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  642,500  in BitTrex Bitcoin USD on September 22, 2018 and sell it today you would earn a total of  562.00  from holding BitTrex Bitcoin USD or generate 0.09% return on investment over 30 days.

Pair Corralation between itBit Bitcoin and BitTrex Bitcoin

0.9
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.45%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
itBit Bitcoin USD  
0 

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.
BitTrex Bitcoin USD  
0 

Risk-Adjusted Performance

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

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GOOG - USA Stock
Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1096.46

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