Correlation Analysis Between itBit Bitcoin and BTCAlpha Bitcoin

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

Comparative Performance

itBit Bitcoin USD  
00

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. Despite latest weak performance, the Crypto's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the entity investors.
BTCAlpha Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable fundamental indicators, BTCAlpha Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholder.

itBit Bitcoin and BTCAlpha Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  BTCAlpha Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,395 
222.25  2.18%
Market Cap: 80.1 B
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,385 
213.42  2.10%
Market Cap: 45.9 B
 10.13 
0.1% 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 BTCAlpha Bitcoin. In addition to that, itBit Bitcoin is 1.07 times more volatile than BTCAlpha Bitcoin USD. It trades about -0.02 of its total potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about -0.01 per unit of volatility. If you would invest  1,164,641  in BTCAlpha Bitcoin USD on July 24, 2019 and sell it today you would lose (126,129)  from holding BTCAlpha Bitcoin USD or give up 10.83% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and BTCAlpha Bitcoin

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and BTCAlpha Bitcoin

itBit Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Bitcoin USD and BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha 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 BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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