Correlation Analysis Between Neraex Bitcoin and Coinbase Bitcoin

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

Comparative Performance

Neraex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Neraex 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.
Coinbase Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of latest weak performance, the Crypto's forward-looking signals remain invariable and the latest agitation on Wall Street may also be a sign of long running gains for the entity management.

Neraex Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Neraex Bitcoin USD  vs.  Coinbase Bitcoin USD

Neraex

Bitcoin on Neraex in USD

 10,376 
(68.83)  0.66%
Market Cap: 38 B
  

Coinbase

Bitcoin on Coinbase in USD

 10,126 
(54.99)  0.54%
Market Cap: 608.6 B
 249.91 
2.41% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Neraex Bitcoin USD is expected to under-perform the Coinbase Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Neraex Bitcoin USD is 1.04 times less risky than Coinbase Bitcoin. The crypto trades about -0.03 of its potential returns per unit of risk. The Coinbase Bitcoin USD is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest  1,168,600  in Coinbase Bitcoin USD on July 22, 2019 and sell it today you would lose (150,471)  from holding Coinbase Bitcoin USD or give up 12.88% of portfolio value over 30 days.

Pair Corralation between Neraex Bitcoin and Coinbase Bitcoin

0.84
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Neraex Bitcoin and Coinbase Bitcoin

Neraex Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Neraex Bitcoin USD and Coinbase Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Bitcoin USD and Neraex 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 Neraex Bitcoin USD are associated (or correlated) with Coinbase Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Bitcoin USD has no effect on the direction of Neraex Bitcoin i.e. Neraex Bitcoin and Coinbase Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.


 
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