Pair Correlation Between itBit Bitcoin and Coinbase Bitcoin |
This module allows you to analyze existing cross correlation between itBit Bitcoin USD and Coinbase Bitcoin USD. You can compare the effects of market volatilities on itBit 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 itBit Bitcoin with a short position of Coinbase Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Bitcoin and Coinbase Bitcoin.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
itBit Bitcoin USD vs. Coinbase Bitcoin USD
itBitBitcoin on itBit in USD 8,307
| CoinbaseBitcoin on Coinbase in USD 8,314
|
Pair Volatility
Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the Coinbase Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 1.06 times less risky than Coinbase Bitcoin. The crypto trades about -0.1 of its potential returns per unit of risk. The Coinbase Bitcoin USD is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 1,171,299 in Coinbase Bitcoin USD on March 21, 2018 and sell it today you would lose (347,499) from holding Coinbase Bitcoin USD or give up 29.67% of portfolio value over 30 days.
Pair Corralation between itBit Bitcoin and Coinbase Bitcoin
1.0
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
No risk reduction
Overlapping area represents the amount of risk that can be diversified away by holding itBit 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 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 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 itBit Bitcoin i.e. itBit Bitcoin and Coinbase Bitcoin go up and down completely randomly.
Comparative Volatility
| itBit Bitcoin USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days itBit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
itBit Bitcoin USD
Pair trading matchups for itBit Bitcoin
| Coinbase Bitcoin USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD
Pair trading matchups for Coinbase Bitcoin
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See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.