Correlation Analysis Between LocalBitcoins Bitcoin and Bitfinex NEO

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

LocalBitcoins Bitcoin USD  vs.  Bitfinex NEO USD

LocalBitcoins

Bitcoin on LocalBitcoins in USD

 6,818 
1,668  19.65%
Market Cap: 123.7 M
  

Bitfinex

NEO on Bitfinex in USD

 16.98 
0.43  2.60%
Market Cap: 34.2 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LocalBitcoins Bitcoin USD is expected to generate 4.97 times more return on investment than Bitfinex NEO. However, LocalBitcoins Bitcoin is 4.97 times more volatile than Bitfinex NEO USD. It trades about 0.18 of its potential returns per unit of risk. Bitfinex NEO USD is currently generating about 0.0 per unit of risk. If you would invest  649,836  in LocalBitcoins Bitcoin USD on August 19, 2018 and sell it today you would earn a total of  214,064  from holding LocalBitcoins Bitcoin USD or generate 32.94% return on investment over 30 days.

Pair Corralation between LocalBitcoins Bitcoin and Bitfinex NEO

0.69
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
LocalBitcoins Bitcoin USD  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LocalBitcoins Bitcoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.
Bitfinex NEO USD  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex NEO USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1168.67

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