Correlation Analysis Between Bitfinex Recovery and BitTrex Ethereum

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

Bitfinex Recovery Right Tokens  vs.  BitTrex Ethereum Classic USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.0413 
0.0007  1.67%
Market Cap: 82.0
  

BitTrex

Ethereum Classic on BitTrex in USD

 9.55 
0.30  3.24%
Market Cap: 34.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 1.79 times more return on investment than BitTrex Ethereum. However, Bitfinex Recovery is 1.79 times more volatile than BitTrex Ethereum Classic USD. It trades about 0.19 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.14 per unit of risk. If you would invest  3.35  in Bitfinex Recovery Right Tokens USD on September 15, 2018 and sell it today you would earn a total of  0.84  from holding Bitfinex Recovery Right Tokens USD or generate 25.07% return on investment over 30 days.

Pair Corralation between Bitfinex Recovery and BitTrex Ethereum

-0.56
Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy67.74%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitfinex Recovery Right  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.
BitTrex Ethereum Cla  
0 

Risk-Adjusted Performance

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

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