Correlation Analysis Between BitTrex Bitcoin and Bitstamp Ethereum

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

Comparative Performance

BitTrex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days BitTrex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly strong basic indicators, BitTrex Bitcoin is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.
Bitstamp Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitstamp Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Even with considerably fragile technical indicators, Bitstamp Ethereum revealed solid returns over the last few months and may actually be approaching a breakup point.

BitTrex Bitcoin and Bitstamp Ethereum Volatility Contrast

BitTrex Bitcoin USD  vs.  Bitstamp Ethereum USD

BitTrex

Bitcoin on BitTrex in USD

 10,269 
404.89  4.10%
Market Cap: 70.6 B
  

Bitstamp

Ethereum on Bitstamp in USD

 220.52 
15.07  7.34%
Market Cap: 453.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin is expected to generate 14.05 times less return on investment than Bitstamp Ethereum. But when comparing it to its historical volatility, BitTrex Bitcoin USD is 14.05 times less risky than Bitstamp Ethereum. It trades about 0.71 of its potential returns per unit of risk. Bitstamp Ethereum USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  20,545  in Bitstamp Ethereum USD on August 20, 2019 and sell it today you would earn a total of  358.00  from holding Bitstamp Ethereum USD or generate 1.74% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and Bitstamp Ethereum

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and Bitstamp Ethereum

BitTrex Bitcoin USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Bitcoin USD and Bitstamp Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitstamp Ethereum USD and BitTrex Bitcoin 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 BitTrex Bitcoin USD are associated (or correlated) with Bitstamp Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitstamp Ethereum USD has no effect on the direction of BitTrex Bitcoin i.e. BitTrex Bitcoin and Bitstamp Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Companies Directory module to evaluate performance of over 100,000 stocks, funds, and etfs against different fundamentals.


 
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