Correlation Analysis Between BitBay Ethereum and Bitfinex Ethereum

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

Comparative Performance

BitBay Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days BitBay Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Ethereum USD  
0

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.

BitBay Ethereum and Bitfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitBay Ethereum USD  vs.  Bitfinex Ethereum USD

BitBay

Ethereum on BitBay in USD

 84.11 
0.70  0.84%
Market Cap: 133.3 K
  

Bitfinex

Ethereum on Bitfinex in USD

 106.89 
2.81  2.70%
Market Cap: 1.4 B
(22.78)
27.08% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitBay Ethereum USD is expected to under-perform the Bitfinex Ethereum. In addition to that, BitBay Ethereum is 1.17 times more volatile than Bitfinex Ethereum USD. It trades about -0.25 of its total potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.21 per unit of volatility. If you would invest  20,446  in Bitfinex Ethereum USD on November 19, 2018 and sell it today you would lose (9,757)  from holding Bitfinex Ethereum USD or give up 47.72% of portfolio value over 30 days.

Pair Corralation between BitBay Ethereum and Bitfinex Ethereum

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy93.02%
ValuesDaily Returns

Diversification Opportunities for BitBay Ethereum and Bitfinex Ethereum

BitBay Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitBay 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 BitBay 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 BitBay 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 BitBay Ethereum i.e. BitBay Ethereum and Bitfinex Ethereum go up and down completely randomly.

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See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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