Correlation Analysis Between Bitfinex Ethereum and primexbt Ethereum

This module allows you to analyze existing cross correlation between Bitfinex Ethereum USD and primexbt Ethereum USD. You can compare the effects of market volatilities on Bitfinex Ethereum and primexbt 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 primexbt Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitfinex Ethereum and primexbt 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.
primexbt Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days primexbt 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 basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.

Bitfinex Ethereum and primexbt Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Ethereum USD  vs.  primexbt Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD

 189.53 
(3.78)  1.96%
Market Cap: 2.2 B
  

primexbt

Ethereum on primexbt in USD

 189.63 
(2.70)  1.40%
Market Cap: 1.8 B
(0.1)
0.05% 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 primexbt Ethereum. In addition to that, Bitfinex Ethereum is 1.17 times more volatile than primexbt Ethereum USD. It trades about -0.19 of its total potential returns per unit of risk. primexbt Ethereum USD is currently generating about -0.16 per unit of volatility. If you would invest  33,200  in primexbt Ethereum USD on July 25, 2019 and sell it today you would lose (14,043)  from holding primexbt Ethereum USD or give up 42.3% of portfolio value over 30 days.

Pair Corralation between Bitfinex Ethereum and primexbt Ethereum

0.58
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy73.77%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Ethereum and primexbt Ethereum

Bitfinex Ethereum USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Ethereum USD and primexbt Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on primexbt 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 primexbt Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of primexbt Ethereum USD has no effect on the direction of Bitfinex Ethereum i.e. Bitfinex Ethereum and primexbt Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.


 
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