Correlation Analysis Between Liquid Bitcoin and itBit Bitcoin

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

Comparative Performance

Liquid Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Liquid Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Liquid Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
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 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.

Liquid Bitcoin and itBit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Liquid Bitcoin USD  vs.  itBit Bitcoin USD

Liquid

Bitcoin on Liquid in USD

 10,252 
73.98  0.73%
Market Cap: 60.4 B
  

itBit

Bitcoin on itBit in USD

 10,150 
1.75  0.0172%
Market Cap: 80.1 B
 101.94 
0.99% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Liquid Bitcoin USD is expected to generate 0.94 times more return on investment than itBit Bitcoin. However, Liquid Bitcoin USD is 1.07 times less risky than itBit Bitcoin. It trades about -0.01 of its potential returns per unit of risk. itBit Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,130,000  in Liquid Bitcoin USD on July 26, 2019 and sell it today you would lose (112,204)  from holding Liquid Bitcoin USD or give up 9.93% of portfolio value over 30 days.

Pair Corralation between Liquid Bitcoin and itBit Bitcoin

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Liquid Bitcoin and itBit Bitcoin

Liquid Bitcoin USD diversification synergy

Very poor diversification

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