Correlation Analysis 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.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

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.
Coinbase Ethereum USD  
0

Risk-Adjusted Performance

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

BitTrex Ethereum and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD  vs.  Coinbase Ethereum USD

BitTrex

Ethereum on BitTrex in USD

 83.25 
(1.40)  1.65%
Market Cap: 33.9 M
  

Coinbase

Ethereum on Coinbase in USD

 85.51 
2.27  2.73%
Market Cap: 633.2 M
(2.26)
2.71% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum USD is expected to under-perform the Coinbase Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Ethereum USD is 1.07 times less risky than Coinbase Ethereum. The crypto trades about -0.33 of its potential returns per unit of risk. The Coinbase Ethereum USD is currently generating about -0.3 of returns per unit of risk over similar time horizon. If you would invest  20,000  in Coinbase Ethereum USD on November 17, 2018 and sell it today you would lose (11,449)  from holding Coinbase Ethereum USD or give up 57.24% of portfolio value over 30 days.

Pair Corralation between BitTrex Ethereum and Coinbase Ethereum

1.0
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Ethereum and Coinbase Ethereum

BitTrex Ethereum USD diversification synergy

No risk reduction

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.

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