Correlation Analysis Between itBit Bitcoin and primexbt Bitcoin

This module allows you to analyze existing cross correlation between itBit Bitcoin USD and primexbt Bitcoin USD. You can compare the effects of market volatilities on itBit Bitcoin and primexbt 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 primexbt Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Bitcoin and primexbt 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.
primexbt Bitcoin USD  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in primexbt Bitcoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, primexbt Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.

itBit Bitcoin and primexbt Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Bitcoin USD  vs.  primexbt Bitcoin USD

itBit

Bitcoin on itBit in USD

 10,395 
222.25  2.18%
Market Cap: 80.1 B
  

primexbt

Bitcoin on primexbt in USD

 10,435 
260.00  2.56%
Market Cap: 497 B
(39.75)
0.38% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Bitcoin USD is expected to under-perform the primexbt Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Bitcoin USD is 20.54 times less risky than primexbt Bitcoin. The crypto trades about -0.02 of its potential returns per unit of risk. The primexbt Bitcoin USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  0.00  in primexbt Bitcoin USD on July 24, 2019 and sell it today you would earn a total of  1,027,000  from holding primexbt Bitcoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Pair Corralation between itBit Bitcoin and primexbt Bitcoin

0.1
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy73.77%
ValuesDaily Returns

Diversification Opportunities for itBit Bitcoin and primexbt Bitcoin

itBit Bitcoin USD diversification synergy

Average diversification

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


 
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