Correlation Analysis Between itBit Bitcoin and OKCoin Bitcoin

This module allows you to analyze existing cross correlation between itBit Bitcoin USD and OKCoin Bitcoin USD. You can compare the effects of market volatilities on itBit Bitcoin and OKCoin 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 OKCoin Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Bitcoin and OKCoin 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.
OKCoin Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days OKCoin 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 OKCoin Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  OKCoin Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,148 
(255.50)  2.46%
Market Cap: 80.1 B
  

OKCoin

Bitcoin on OKCoin in USD

 10,128 
(28.09)  0.28%
Market Cap: 51.9 B
 20.17 
0.20% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to generate 1.08 times more return on investment than OKCoin Bitcoin. However, itBit Bitcoin is 1.08 times more volatile than OKCoin Bitcoin USD. It trades about -0.02 of its potential returns per unit of risk. OKCoin Bitcoin USD is currently generating about -0.05 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 (157,375)  from holding itBit Bitcoin USD or give up 13.43% of portfolio value over 30 days.

Pair Corralation between itBit Bitcoin and OKCoin Bitcoin

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

Diversification Opportunities for itBit Bitcoin and OKCoin 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 OKCoin Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on OKCoin 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 OKCoin Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OKCoin Bitcoin USD has no effect on the direction of itBit Bitcoin i.e. itBit Bitcoin and OKCoin Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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