Correlation Analysis Between Bitfinex Ethereum and BitBay Ethereum

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

Bitfinex Ethereum USD  vs.  BitBay Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD
 300.91 
38.75  14.78%
Market Cap: 6 B
  

BitBay

Ethereum on BitBay in USD
 270.63 
47.40  14.90%
Market Cap: 838.3 K
 30.28 
10.06% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum USD is expected to under-perform the BitBay Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Ethereum USD is 1.04 times less risky than BitBay Ethereum. The crypto trades about -0.43 of its potential returns per unit of risk. The BitBay Ethereum USD is currently generating about -0.31 of returns per unit of risk over similar time horizon. If you would invest  48,981  in BitBay Ethereum USD on July 16, 2018 and sell it today you would lose (21,918)  from holding BitBay Ethereum USD or give up 44.75% of portfolio value over 30 days.

Pair Corralation between Bitfinex Ethereum and BitBay Ethereum

0.89
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy74.19%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Ethereum USD and BitBay Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitBay Ethereum USD and Bitfinex 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 Bitfinex Ethereum USD are associated (or correlated) with BitBay Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitBay Ethereum USD has no effect on the direction of Bitfinex Ethereum i.e. Bitfinex Ethereum and BitBay Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
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 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.

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