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
Compare Efficiency

Comparative Performance

BitTrex Bitcoin USD  
0

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.
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.

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

 3,601 
(289.48)  7.44%
Market Cap: 7.3 B
  

BitTrex

Ethereum Classic on BitTrex in USD

 4.07 
(0.02)  0.49%
Market Cap: 24.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to generate 0.7 times more return on investment than BitTrex Ethereum. However, BitTrex Bitcoin USD is 1.43 times less risky than BitTrex Ethereum. It trades about 0.03 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.05 per unit of risk. If you would invest  381,892  in BitTrex Bitcoin USD on January 20, 2019 and sell it today you would earn a total of  7,108  from holding BitTrex Bitcoin USD or generate 1.86% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and BitTrex Ethereum

0.39
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy95.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and BitTrex Ethereum

BitTrex Bitcoin USD diversification synergy

Weak 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.

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BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum

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