Pair Correlation Between CCEX Ethereum and Bitfinex Ethereum

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

CCEX

Ethereum on CCEX in USD
 697 
(27)  3.73%
Market Cap: 3 M
 14.4 

Bitfinex

Ethereum on Bitfinex in USD
 682.6 
(21.76)  3.09%
Market Cap: 2.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Ethereum USD is expected to generate 1.05 times more return on investment than Bitfinex Ethereum. However, CCEX Ethereum is 1.05 times more volatile than Bitfinex Ethereum USD. It trades about 0.39 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about 0.38 per unit of risk. If you would invest  31,600  in CCEX Ethereum USD on November 16, 2017 and sell it today you would earn a total of  38,100  from holding CCEX Ethereum USD or generate 120.57% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX Ethereum and Bitfinex Ethereum
0.95

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX Ethereum USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Ethereum USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Ethereum USD

  
24 

Risk-Adjusted Performance

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