Correlation Analysis Between SingularityX Bitcoin and BTCAlpha Bitcoin

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

Comparative Performance

SingularityX Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in SingularityX Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, SingularityX Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
BTCAlpha Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha 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 fundamental indicators remain nearly stable which may send shares a bit higher in September 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.

SingularityX Bitcoin and BTCAlpha Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

SingularityX Bitcoin USD  vs.  BTCAlpha Bitcoin USD

SingularityX

Bitcoin on SingularityX in USD

 10,038 
(150.93)  1.48%
Market Cap: 1.8 M
  

BTCAlpha

Bitcoin on BTCAlpha in USD

 10,056 
(4.26)  0.0423%
Market Cap: 45.9 B
(18.60)
0.19% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, SingularityX Bitcoin USD is expected to generate 1.9 times more return on investment than BTCAlpha Bitcoin. However, SingularityX Bitcoin is 1.9 times more volatile than BTCAlpha Bitcoin USD. It trades about 0.03 of its potential returns per unit of risk. BTCAlpha Bitcoin USD is currently generating about -0.07 per unit of risk. If you would invest  1,104,675  in SingularityX Bitcoin USD on July 26, 2019 and sell it today you would lose (100,911)  from holding SingularityX Bitcoin USD or give up 9.13% of portfolio value over 30 days.

Pair Corralation between SingularityX Bitcoin and BTCAlpha Bitcoin

0.51
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for SingularityX Bitcoin and BTCAlpha Bitcoin

SingularityX Bitcoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding SingularityX Bitcoin USD and BTCAlpha Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BTCAlpha Bitcoin USD and SingularityX 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 SingularityX Bitcoin USD are associated (or correlated) with BTCAlpha Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BTCAlpha Bitcoin USD has no effect on the direction of SingularityX Bitcoin i.e. SingularityX Bitcoin and BTCAlpha Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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