Correlation Analysis Between BitTrex Bitcoin and BitTrex Ethereum

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

Comparative Performance

BitTrex Bitcoin USD  
1818

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Bitcoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, BitTrex Bitcoin showed solid returns over the last few months and may actually be approaching a breakup point.
BitTrex Ethereum Cla  
1111

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, BitTrex Ethereum showed solid returns over the last few months and may actually be approaching a breakup point.

BitTrex Bitcoin and BitTrex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD  vs.  BitTrex Ethereum Classic USD

BitTrex

Bitcoin on BitTrex in USD

 8,656 
(182.81)  2.07%
Market Cap: 29 B
  

BitTrex

Ethereum Classic on BitTrex in USD

 8.52 
(0.018)  0.21%
Market Cap: 242.4 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to generate 0.91 times more return on investment than BitTrex Ethereum. However, BitTrex Bitcoin USD is 1.1 times less risky than BitTrex Ethereum. It trades about 0.28 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about 0.16 per unit of risk. If you would invest  522,520  in BitTrex Bitcoin USD on May 17, 2019 and sell it today you would earn a total of  361,348  from holding BitTrex Bitcoin USD or generate 69.15% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and BitTrex Ethereum

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and BitTrex Ethereum

BitTrex Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Bitcoin USD 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 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 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 BitTrex Bitcoin i.e. BitTrex Bitcoin and BitTrex Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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