Pair Correlation Between BitTrex Ethereum and HitBTC Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 691.14 
(14.34)  2.03%
Market Cap: 20.7 B
(17.07)

HitBTC

Ethereum on HitBTC in USD
 708.21 
5.24  0.75%
Market Cap: 839.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum USD is expected to generate 0.95 times more return on investment than HitBTC Ethereum. However, BitTrex Ethereum USD is 1.06 times less risky than HitBTC Ethereum. It trades about 0.4 of its potential returns per unit of risk. HitBTC Ethereum USD is currently generating about 0.37 per unit of risk. If you would invest  34,500  in BitTrex Ethereum USD on November 18, 2017 and sell it today you would earn a total of  36,048  from holding BitTrex Ethereum USD or generate 104.49% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and HitBTC Ethereum
0.93

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 HitBTC Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC 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 HitBTC Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Ethereum USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and HitBTC Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

HitBTC Ethereum USD

  
24 

Risk-Adjusted Performance

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