Pair Correlation Between Poloniex Augur and Coinbase Bitcoin

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

Poloniex

Augur on Poloniex in USD
 43.97 
1.63  3.57%
Market Cap: 40.2 M

Coinbase

Bitcoin on Coinbase in USD
 10,054 
276.93  2.68%
Market Cap: 1783.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Augur USD is expected to under-perform the Coinbase Bitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Poloniex Augur USD is 1.16 times less risky than Coinbase Bitcoin. The crypto trades about -0.38 of its potential returns per unit of risk. The Coinbase Bitcoin USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  1,081,100  in Coinbase Bitcoin USD on January 25, 2018 and sell it today you would lose (48,001)  from holding Coinbase Bitcoin USD or give up 4.44% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Poloniex Augur and Coinbase Bitcoin
-0.03

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Poloniex Augur 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 Poloniex Augur 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 Poloniex Augur 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 Poloniex Augur i.e. Poloniex Augur and Coinbase Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Poloniex Augur USD

  
0 

Risk-Adjusted Performance

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

Poloniex Augur USD

Pair trading matchups for Poloniex Augur

Coinbase Bitcoin USD

  
0 

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.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin