Pair Correlation Between BitTrex Ethereum and Coinbase Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 437.02 
(147.88)  25.28%
Market Cap: 893.2 M
(45.99)

Coinbase

Ethereum on Coinbase in USD
 483.01 
(144.5)  23.03%
Market Cap: 38.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.17 times less return on investment than Coinbase Ethereum. But when comparing it to its historical volatility, BitTrex Ethereum USD is 1.49 times less risky than Coinbase Ethereum. It trades about 0.37 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest  31,702  in Coinbase Ethereum USD on November 13, 2017 and sell it today you would earn a total of  31,049  from holding Coinbase Ethereum USD or generate 97.94% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Coinbase Ethereum
0.92

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum USD

Pair trading matchups for BitTrex Ethereum

Coinbase Ethereum USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

Pair trading matchups for Coinbase Ethereum