Correlation Analysis Between bingcoins Ethereum and itBit Ethereum

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

bingcoins Ethereum USD  

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.
itBit Ethereum USD  

Risk-Adjusted Performance

Over the last 30 days itBit 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 itBit Ethereum Volatility Contrast

 Predicted Return Density 

bingcoins Ethereum USD  vs.  itBit Ethereum USD


Ethereum on bingcoins in USD

(3.03)  1.54%
Market Cap: 18.8 M


Ethereum on itBit in USD

(4.40)  2.29%
Market Cap: 202.8 M
2.84% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, bingcoins Ethereum USD is expected to generate 21.09 times more return on investment than itBit Ethereum. However, bingcoins Ethereum is 21.09 times more volatile than itBit Ethereum USD. It trades about 0.12 of its potential returns per unit of risk. itBit Ethereum USD is currently generating about -0.16 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  19,142  from holding bingcoins Ethereum USD or generate 9.223372036854776E16% return on investment over 30 days.

Pair Corralation between bingcoins Ethereum and itBit Ethereum

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for bingcoins Ethereum and itBit 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 itBit Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit 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 itBit Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Ethereum USD has no effect on the direction of bingcoins Ethereum i.e. bingcoins Ethereum and itBit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.