Correlation Analysis Between bingcoins Ethereum and Bitfinex Ethereum

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

bingcoins Ethereum USD  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in bingcoins Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, bingcoins Ethereum layed out solid returns over the last few months and may actually be approaching a breakup point.
Bitfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex Ethereum 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.

bingcoins Ethereum and Bitfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

bingcoins Ethereum USD  vs.  Bitfinex Ethereum USD

bingcoins

Ethereum on bingcoins in USD

 193.59 
(2.83)  1.44%
Market Cap: 18.8 M
  

Bitfinex

Ethereum on Bitfinex in USD

 193.38 
0.49  0.25%
Market Cap: 2.2 B
 0.21 
0.11% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, bingcoins Ethereum USD is expected to generate 22.63 times more return on investment than Bitfinex Ethereum. However, bingcoins Ethereum is 22.63 times more volatile than Bitfinex Ethereum USD. It trades about 0.12 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.18 per unit of risk. If you would invest  0.00  in bingcoins Ethereum USD on July 25, 2019 and sell it today you would earn a total of  19,642  from holding bingcoins Ethereum USD or generate 9.223372036854776E16% return on investment over 30 days.

Pair Corralation between bingcoins Ethereum and Bitfinex Ethereum

0.6
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy73.33%
ValuesDaily Returns

Diversification Opportunities for bingcoins Ethereum and Bitfinex Ethereum

bingcoins Ethereum USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding bingcoins Ethereum USD and Bitfinex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Ethereum USD and bingcoins Ethereum 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 bingcoins Ethereum USD are associated (or correlated) with Bitfinex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Ethereum USD has no effect on the direction of bingcoins Ethereum i.e. bingcoins Ethereum and Bitfinex Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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