Correlation Analysis Between itBit Bitcoin and Coinroom Bitcoin

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

Comparative Performance

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.
Coinroom Bitcoin USD  
0

Risk-Adjusted Performance

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

itBit Bitcoin and Coinroom Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  Coinroom Bitcoin USD

itBit

Bitcoin on itBit in USD

 3,598 
(22.73)  0.01%
Market Cap: 2.2 B
  

Coinroom

Bitcoin on Coinroom in USD

 3,669 
(557.03)  0.13%
Market Cap: 855.2 M
(71.09)
1.98% 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 Coinroom Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 1.48 times less risky than Coinroom Bitcoin. The crypto trades about -0.06 of its potential returns per unit of risk. The Coinroom Bitcoin USD is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest  474,336  in Coinroom Bitcoin USD on December 19, 2018 and sell it today you would lose (107,420)  from holding Coinroom Bitcoin USD or give up 22.65% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and Coinroom Bitcoin

0.81
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and Coinroom Bitcoin

itBit Bitcoin USD diversification synergy

Very poor diversification

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

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