Correlation Analysis Between primexbt Bitcoin and coinfield Bitcoin

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

Comparative Performance

primexbt Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days primexbt Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, primexbt Bitcoin is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
coinfield Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days coinfield Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

primexbt Bitcoin and coinfield Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

primexbt Bitcoin USD  vs.  coinfield Bitcoin USD

primexbt

Bitcoin on primexbt in USD

 10,256 
88.80  0.87%
Market Cap: 695.6 B
  

coinfield

Bitcoin on coinfield in USD

 10,227 
(170.59)  1.64%
Market Cap: 14.8 B
 28.48 
0.28% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, primexbt Bitcoin USD is expected to generate 0.85 times more return on investment than coinfield Bitcoin. However, primexbt Bitcoin USD is 1.17 times less risky than coinfield Bitcoin. It trades about -0.01 of its potential returns per unit of risk. coinfield Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,119,892  in primexbt Bitcoin USD on July 26, 2019 and sell it today you would lose (110,692)  from holding primexbt Bitcoin USD or give up 9.88% of portfolio value over 30 days.

Pair Corralation between primexbt Bitcoin and coinfield Bitcoin

0.19
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy73.33%
ValuesDaily Returns

Diversification Opportunities for primexbt Bitcoin and coinfield Bitcoin

primexbt Bitcoin USD diversification synergy

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding primexbt Bitcoin USD and coinfield Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on coinfield Bitcoin USD and primexbt 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 primexbt Bitcoin USD are associated (or correlated) with coinfield Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of coinfield Bitcoin USD has no effect on the direction of primexbt Bitcoin i.e. primexbt Bitcoin and coinfield Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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