Correlation Analysis Between Bitfinex Ethereum and BTCAlpha Ethereum

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

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.
BTCAlpha Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's fundamental indicators remain nearly stable which may send shares a bit higher in September 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.

Bitfinex Ethereum and BTCAlpha Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Ethereum USD  vs.  BTCAlpha Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD

 202.84 
7.05  3.60%
Market Cap: 1.8 B
  

BTCAlpha

Ethereum on BTCAlpha in USD

 199.47 
4.31  2.21%
Market Cap: 83.5 M
 3.37 
1.66% 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 BTCAlpha Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Ethereum USD is 1.08 times less risky than BTCAlpha Ethereum. The crypto trades about -0.12 of its potential returns per unit of risk. The BTCAlpha Ethereum USD is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest  29,461  in BTCAlpha Ethereum USD on July 20, 2019 and sell it today you would lose (9,543)  from holding BTCAlpha Ethereum USD or give up 32.39% of portfolio value over 30 days.

Pair Corralation between Bitfinex Ethereum and BTCAlpha Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Ethereum and BTCAlpha Ethereum

Bitfinex Ethereum USD diversification synergy

No risk reduction

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