Correlation Analysis Between itBit Bitcoin and Exmo Bitcoin

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

Comparative Performance

itBit Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in itBit Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, itBit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Exmo Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exmo Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, Exmo Bitcoin unveiled solid returns over the last few months and may actually be approaching a breakup point.

itBit Bitcoin and Exmo Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  Exmo Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,652 
(125.50)  1.16%
Market Cap: 223.5 B
  

Exmo

Bitcoin on Exmo in USD

 10,771 
(56.98)  0.53%
Market Cap: 19.2 B
(119.44)
1.12% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin is expected to generate 1.09 times less return on investment than Exmo Bitcoin. In addition to that, itBit Bitcoin is 1.12 times more volatile than Exmo Bitcoin USD. It trades about 0.04 of its total potential returns per unit of risk. Exmo Bitcoin USD is currently generating about 0.05 per unit of volatility. If you would invest  1,031,010  in Exmo Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  51,832  from holding Exmo Bitcoin USD or generate 5.03% return on investment over 30 days.

Pair Corralation between itBit Bitcoin and Exmo Bitcoin

0.86
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and Exmo 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 Exmo Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exmo 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 Exmo Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exmo Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and Exmo Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Focused Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.


 
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