Correlation Analysis Between Cexio Ethereum and Coinbase Bitcoin

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

Comparative Performance

Cexio Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Cexio Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Coinbase Bitcoin USD  
0

Risk-Adjusted Performance

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

Cexio Ethereum and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Cexio Ethereum USD  vs.  Coinbase Bitcoin USD

Cexio

Ethereum on Cexio in USD

 90.86 
5.31  6.21%
Market Cap: 4.4 M
  

Coinbase

Bitcoin on Coinbase in USD

 3,399 
179.76  5.58%
Market Cap: 40.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to under-perform the Coinbase Bitcoin. In addition to that, Cexio Ethereum is 1.22 times more volatile than Coinbase Bitcoin USD. It trades about -0.36 of its total potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.36 per unit of volatility. If you would invest  639,530  in Coinbase Bitcoin USD on November 17, 2018 and sell it today you would lose (317,060)  from holding Coinbase Bitcoin USD or give up 49.58% of portfolio value over 30 days.

Pair Corralation between Cexio Ethereum and Coinbase Bitcoin

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Cexio Ethereum and Coinbase Bitcoin

Cexio Ethereum USD diversification synergy

No risk reduction

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

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