Pair Correlation Between BitTrex Ethereum and Gemini Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 502 
64.98  14.87%
Market Cap: 893.2 M
(10.5)

Gemini

Ethereum on Gemini in USD
 512.5 
59.53  13.14%
Market Cap: 168.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.03 times less return on investment than Gemini Ethereum. In addition to that, BitTrex Ethereum is 1.05 times more volatile than Gemini Ethereum USD. It trades about 0.3 of its total potential returns per unit of risk. Gemini Ethereum USD is currently generating about 0.32 per unit of volatility. If you would invest  31,376  in Gemini Ethereum USD on November 11, 2017 and sell it today you would earn a total of  16,320  from holding Gemini Ethereum USD or generate 52.01% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Gemini Ethereum
0.84

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
19 

Risk-Adjusted Performance

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

Gemini Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Ethereum USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.