Pair Correlation Between BitTrex Ethereum and Cexio Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 855.00 
22.04  2.65%
Market Cap: 6.4 B
(83.00)

Cexio

Ethereum on Cexio in USD
 938.00 
67.38  7.74%
Market Cap: 1.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum USD is expected to generate 1.0 times more return on investment than Cexio Ethereum. However, BitTrex Ethereum is 1.0 times more volatile than Cexio Ethereum USD. It trades about -0.08 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.09 per unit of risk. If you would invest  104,100  in BitTrex Ethereum USD on January 23, 2018 and sell it today you would lose (20,804)  from holding BitTrex Ethereum USD or give up 19.98% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Cexio Ethereum
0.75

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
0 

Risk-Adjusted Performance

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

Cexio Ethereum USD

  
0 

Risk-Adjusted Performance

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