Correlation Analysis Between Bitfinex Ethereum and HitBTC Ethereum

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

Bitfinex Ethereum USD  vs.  HitBTC Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD
 715.90 
3.24  0.45%
Market Cap: 66.3 B
  

HitBTC

Ethereum on HitBTC in USD
 715.81 
4.99  0.69%
Market Cap: 3.6 B
 0.09 
0.012572% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum USD is expected to generate 1.06 times more return on investment than HitBTC Ethereum. However, Bitfinex Ethereum is 1.06 times more volatile than HitBTC Ethereum USD. It trades about 0.14 of its potential returns per unit of risk. HitBTC Ethereum USD is currently generating about 0.13 per unit of risk. If you would invest  60,462  in Bitfinex Ethereum USD on April 20, 2018 and sell it today you would earn a total of  11,128  from holding Bitfinex Ethereum USD or generate 18.4% return on investment over 30 days.

Pair Corralation between Bitfinex Ethereum and HitBTC Ethereum

0.89
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitfinex Ethereum USD  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.
HitBTC Ethereum USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
$1066.36

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See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.