Correlation Analysis Between itBit Bitcoin and coinfield Bitcoin

This module allows you to analyze existing cross correlation between itBit Bitcoin USD and coinfield Bitcoin USD. You can compare the effects of market volatilities on itBit Bitcoin and coinfield 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 coinfield Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Bitcoin and coinfield 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 somewhat strong basic indicators, itBit Bitcoin is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short term losses for the investors.
coinfield Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days coinfield Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

itBit Bitcoin and coinfield Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  coinfield Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,126 
(219.25)  2.12%
Market Cap: 80.1 B
  

coinfield

Bitcoin on coinfield in USD

 10,093 
(218.55)  2.12%
Market Cap: 14.8 B
 33.08 
0.33% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to generate 1.11 times more return on investment than coinfield Bitcoin. However, itBit Bitcoin is 1.11 times more volatile than coinfield Bitcoin USD. It trades about -0.01 of its potential returns per unit of risk. coinfield Bitcoin USD is currently generating about -0.06 per unit of risk. If you would invest  1,172,200  in itBit Bitcoin USD on July 25, 2019 and sell it today you would lose (137,650)  from holding itBit Bitcoin USD or give up 11.74% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and coinfield Bitcoin

0.7
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and coinfield Bitcoin

itBit Bitcoin USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Bitcoin USD and coinfield Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on coinfield 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 coinfield Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of coinfield Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and coinfield Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Chance of Distress module to get analysis of equity chance of financial distress in the next 2 years.


 
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