Correlation Analysis Between itBit Bitcoin and Poloniex Bitcoin

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

itBit Bitcoin USD  vs.  Poloniex Bitcoin USD


Bitcoin on itBit in USD

20.93  0.33%
Market Cap: 46.4 B


Bitcoin on Poloniex in USD

83.03  1.25%
Market Cap: 1.1 B
2.43% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the Poloniex Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 1.34 times less risky than Poloniex Bitcoin. The crypto trades about -0.03 of its potential returns per unit of risk. The Poloniex Bitcoin USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  638,196  in Poloniex Bitcoin USD on September 19, 2018 and sell it today you would earn a total of  15,250  from holding Poloniex Bitcoin USD or generate 2.39% return on investment over 30 days.

Pair Corralation between itBit Bitcoin and Poloniex Bitcoin

Time Period1 Month [change]
ValuesDaily Returns


Poor diversification

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

Comparative Volatility

 Predicted Return Density 
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.
Poloniex Bitcoin USD  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

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