Correlation Analysis Between itBit Bitcoin and Neraex Bitcoin

This module allows you to analyze existing cross correlation between itBit Bitcoin USD and Neraex Bitcoin USD. You can compare the effects of market volatilities on itBit Bitcoin and Neraex 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 Neraex Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Bitcoin and Neraex 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 latest weak performance, the Crypto's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the entity investors.
Neraex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Neraex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.

itBit Bitcoin and Neraex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  Neraex Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,780 
769.25  7.68%
Market Cap: 80.1 B
  

Neraex

Bitcoin on Neraex in USD

 11,004 
822.79  8.08%
Market Cap: 38 B
(224.00)
2.08% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to generate 1.07 times more return on investment than Neraex Bitcoin. However, itBit Bitcoin is 1.07 times more volatile than Neraex Bitcoin USD. It trades about -0.03 of its potential returns per unit of risk. Neraex Bitcoin USD is currently generating about -0.03 per unit of risk. If you would invest  1,175,525  in itBit Bitcoin USD on July 23, 2019 and sell it today you would lose (174,400)  from holding itBit Bitcoin USD or give up 14.84% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and Neraex Bitcoin

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and Neraex Bitcoin

itBit Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Bitcoin USD and Neraex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Neraex 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 Neraex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Neraex Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and Neraex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.


 
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