Correlation Analysis Between BitBay Ethereum and Exmo Ethereum

This module allows you to analyze existing cross correlation between BitBay Ethereum USD and Exmo Ethereum USD. You can compare the effects of market volatilities on BitBay Ethereum and Exmo 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 Exmo Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of BitBay Ethereum and Exmo 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.
Exmo Ethereum USD  
0

Risk-Adjusted Performance

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

BitBay Ethereum and Exmo Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitBay Ethereum USD  vs.  Exmo Ethereum USD

BitBay

Ethereum on BitBay in USD

 90.00 
0.00  0.00%
Market Cap: 133.3 K
  

Exmo

Ethereum on Exmo in USD

 101.64 
7.23  7.66%
Market Cap: 6.8 M
(11.64)
12.93% 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 Exmo Ethereum. In addition to that, BitBay Ethereum is 1.3 times more volatile than Exmo Ethereum USD. It trades about -0.25 of its total potential returns per unit of risk. Exmo Ethereum USD is currently generating about -0.26 per unit of volatility. If you would invest  20,661  in Exmo Ethereum USD on November 19, 2018 and sell it today you would lose (10,497)  from holding Exmo Ethereum USD or give up 50.81% of portfolio value over 30 days.

Pair Corralation between BitBay Ethereum and Exmo Ethereum

0.96
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy93.02%
ValuesDaily Returns

Diversification Opportunities for BitBay Ethereum and Exmo 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 Exmo Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exmo 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 Exmo Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exmo Ethereum USD has no effect on the direction of BitBay Ethereum i.e. BitBay Ethereum and Exmo Ethereum go up and down completely randomly.

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