The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence
Autor(a) principal: | |
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Data de Publicação: | 2021 |
Outros Autores: | , , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | https://hdl.handle.net/10438/30213 |
Resumo: | Using a sample of 21 developing and developed countries, we analyze whether a welldiversified investor of traditional assets (stocks, bonds, real estate, and commodities) may benefit from investing in cryptocurrencies. Country-specific analyses indicate that cryptocurrencies usually fit in the tangent portfolio (maximum Sharpe ratio) but no – or very little – in the minimum variance portfolio (MVP). Out-of-sample analysis indicates that even global portfolios that already benefits from international diversification may enjoy investing marginally in cryptocurrencies: mean-variance optimal and naive with cryptocurrencies outperformed otherwise identical portfolios in terms of risk-adjusted returns. Besides, exchange rate movements do not drive this better performance – it occurs for both local (all returns denominated in the local currency) and global perspectives (all returns in U.S. Dollars). We also find that cryptocurrencies’ diversification benefits occur both before and after the COVID-19 pandemics, with the 1/N portfolio with cryptocurrencies presenting the higher risk-adjusted returns. Our paper adds to the literature by analyzing the marginal effects of adding cryptocurrencies on a sample of developing and developed economies and considering up-to-date data following the COVID-19 crisis. |
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Colombo, Jefferson A.Cruz, Fernando I. L.Paese, Luis H. Z.Cortes, Renan X.Escolas::EESP2021-03-09T20:02:27Z2021-03-09T20:02:27Z2021-02TD 542https://hdl.handle.net/10438/30213Using a sample of 21 developing and developed countries, we analyze whether a welldiversified investor of traditional assets (stocks, bonds, real estate, and commodities) may benefit from investing in cryptocurrencies. Country-specific analyses indicate that cryptocurrencies usually fit in the tangent portfolio (maximum Sharpe ratio) but no – or very little – in the minimum variance portfolio (MVP). Out-of-sample analysis indicates that even global portfolios that already benefits from international diversification may enjoy investing marginally in cryptocurrencies: mean-variance optimal and naive with cryptocurrencies outperformed otherwise identical portfolios in terms of risk-adjusted returns. Besides, exchange rate movements do not drive this better performance – it occurs for both local (all returns denominated in the local currency) and global perspectives (all returns in U.S. Dollars). We also find that cryptocurrencies’ diversification benefits occur both before and after the COVID-19 pandemics, with the 1/N portfolio with cryptocurrencies presenting the higher risk-adjusted returns. Our paper adds to the literature by analyzing the marginal effects of adding cryptocurrencies on a sample of developing and developed economies and considering up-to-date data following the COVID-19 crisis.engTextos para Discussão / Working Paper Series; TD 542CryptocurrenciesDiversification benefitsPortfolio optimizationDigital assetsBitcoinEconomiaBitcoinThe diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidenceinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVTHUMBNAILWP_542_FGVEESP (1).pdf.jpgWP_542_FGVEESP (1).pdf.jpgGenerated Thumbnailimage/jpeg2745http://bibliotecadigital.fgv.br:80/dspace/bitstream/10438/30213/4/WP_542_FGVEESP%20%281%29.pdf.jpge0f9d34365b7d27108d9d55ba8bd53faMD54TEXTWP_542_FGVEESP (1).pdf.txtWP_542_FGVEESP (1).pdf.txtExtracted 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dc.title.eng.fl_str_mv |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
title |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
spellingShingle |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence Colombo, Jefferson A. Cryptocurrencies Diversification benefits Portfolio optimization Digital assets Bitcoin Economia Bitcoin |
title_short |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
title_full |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
title_fullStr |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
title_full_unstemmed |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
title_sort |
The diversification benefits of cryptocurrencies in multi-asset portfolios: cross-country evidence |
author |
Colombo, Jefferson A. |
author_facet |
Colombo, Jefferson A. Cruz, Fernando I. L. Paese, Luis H. Z. Cortes, Renan X. |
author_role |
author |
author2 |
Cruz, Fernando I. L. Paese, Luis H. Z. Cortes, Renan X. |
author2_role |
author author author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EESP |
dc.contributor.author.fl_str_mv |
Colombo, Jefferson A. Cruz, Fernando I. L. Paese, Luis H. Z. Cortes, Renan X. |
dc.subject.eng.fl_str_mv |
Cryptocurrencies Diversification benefits Portfolio optimization Digital assets Bitcoin |
topic |
Cryptocurrencies Diversification benefits Portfolio optimization Digital assets Bitcoin Economia Bitcoin |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Bitcoin |
description |
Using a sample of 21 developing and developed countries, we analyze whether a welldiversified investor of traditional assets (stocks, bonds, real estate, and commodities) may benefit from investing in cryptocurrencies. Country-specific analyses indicate that cryptocurrencies usually fit in the tangent portfolio (maximum Sharpe ratio) but no – or very little – in the minimum variance portfolio (MVP). Out-of-sample analysis indicates that even global portfolios that already benefits from international diversification may enjoy investing marginally in cryptocurrencies: mean-variance optimal and naive with cryptocurrencies outperformed otherwise identical portfolios in terms of risk-adjusted returns. Besides, exchange rate movements do not drive this better performance – it occurs for both local (all returns denominated in the local currency) and global perspectives (all returns in U.S. Dollars). We also find that cryptocurrencies’ diversification benefits occur both before and after the COVID-19 pandemics, with the 1/N portfolio with cryptocurrencies presenting the higher risk-adjusted returns. Our paper adds to the literature by analyzing the marginal effects of adding cryptocurrencies on a sample of developing and developed economies and considering up-to-date data following the COVID-19 crisis. |
publishDate |
2021 |
dc.date.accessioned.fl_str_mv |
2021-03-09T20:02:27Z |
dc.date.available.fl_str_mv |
2021-03-09T20:02:27Z |
dc.date.issued.fl_str_mv |
2021-02 |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
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publishedVersion |
dc.identifier.uri.fl_str_mv |
https://hdl.handle.net/10438/30213 |
dc.identifier.sici.none.fl_str_mv |
TD 542 |
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TD 542 |
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https://hdl.handle.net/10438/30213 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.none.fl_str_mv |
Textos para Discussão / Working Paper Series; TD 542 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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