Correlation Analysis Between Neraex Bitcoin and EXRATES Bitcoin

This module allows you to analyze existing cross correlation between Neraex Bitcoin USD and EXRATES Bitcoin USD. You can compare the effects of market volatilities on Neraex Bitcoin and EXRATES 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 EXRATES Bitcoin. See also your portfolio center. Please also check ongoing floating volatility patterns of Neraex Bitcoin and EXRATES 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 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.
EXRATES Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days EXRATES Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.

Neraex Bitcoin and EXRATES Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Neraex Bitcoin USD  vs.  EXRATES Bitcoin USD

Neraex

Bitcoin on Neraex in USD

 10,340 
(201.68)  1.91%
Market Cap: 4.2 M
  

EXRATES

Bitcoin on EXRATES in USD

 10,100 
(264.09)  2.55%
Market Cap: 1332.8 B
 239.70 
2.32% 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 EXRATES Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Neraex Bitcoin USD is 1.02 times less risky than EXRATES Bitcoin. The crypto trades about -0.08 of its potential returns per unit of risk. The EXRATES Bitcoin USD is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  1,257,319  in EXRATES Bitcoin USD on July 25, 2019 and sell it today you would lose (247,286)  from holding EXRATES Bitcoin USD or give up 19.67% of portfolio value over 30 days.

Pair Corralation between Neraex Bitcoin and EXRATES Bitcoin

0.8
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Neraex Bitcoin and EXRATES 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 EXRATES Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on EXRATES 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 EXRATES Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXRATES Bitcoin USD has no effect on the direction of Neraex Bitcoin i.e. Neraex Bitcoin and EXRATES Bitcoin go up and down completely randomly.
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