Correlation Analysis Between itBit Bitcoin and Gemini Bitcoin

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

Comparative Performance

itBit Bitcoin USD  

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.
Gemini Bitcoin USD  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

itBit Bitcoin and Gemini Bitcoin Volatility Contrast

 Predicted Return Density 

itBit Bitcoin USD  vs.  Gemini Bitcoin USD


Bitcoin on itBit in USD

37.52  0.01%
Market Cap: 2.2 B


Bitcoin on Gemini in USD

(155.78)  0.04%
Market Cap: 7 B
2.71% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the Gemini Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 27.57 times less risky than Gemini Bitcoin. The crypto trades about -0.07 of its potential returns per unit of risk. The Gemini Bitcoin USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  446,640  in Gemini Bitcoin USD on December 21, 2018 and sell it today you would lose (92,040)  from holding Gemini Bitcoin USD or give up 20.61% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and Gemini Bitcoin

Time Period2 Months [change]
StrengthVery Weak
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and Gemini Bitcoin

itBit Bitcoin USD diversification synergy

Weak diversification

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

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.