Correlation Analysis Between BitTrex Ethereum and Exenium Ethereum

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

BitTrex Ethereum USD  
00

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. Inspite weak performance in the last few months, the Crypto's basic indicators remain fairly strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
Exenium Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Exenium Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Crypto's technical indicators remain considerably steady which may send shares a bit higher in September 2019. The new chaos may also be a sign of medium term up-swing for the entity stakeholders.

BitTrex Ethereum and Exenium Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD  vs.  Exenium Ethereum USD

BitTrex

Ethereum on BitTrex in USD

 188.96 
(4.46)  2.31%
Market Cap: 100.3 M
  

Exenium

Ethereum on Exenium in USD

 185.00 
(2.93)  1.56%
Market Cap: 4.7 M
 3.96 
2.10% 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 Exenium Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Ethereum USD is 1.01 times less risky than Exenium Ethereum. The crypto trades about -0.16 of its potential returns per unit of risk. The Exenium Ethereum USD is currently generating about -0.15 of returns per unit of risk over similar time horizon. If you would invest  31,117  in Exenium Ethereum USD on July 25, 2019 and sell it today you would lose (12,617)  from holding Exenium Ethereum USD or give up 40.55% of portfolio value over 30 days.

Pair Corralation between BitTrex Ethereum and Exenium Ethereum

0.93
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BitTrex Ethereum and Exenium Ethereum

BitTrex Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Ethereum USD and Exenium Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exenium 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 Exenium Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exenium Ethereum USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and Exenium Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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