Pair Correlation Between Cexio Ethereum and HitBTC Ethereum

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

Cexio

Ethereum on Cexio in USD
 952.28 
3.47  0.36%
Market Cap: 1.8 B
(2.60)

HitBTC

Ethereum on HitBTC in USD
 954.88 
8.93  0.94%
Market Cap: 4.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to under-perform the HitBTC Ethereum. In addition to that, Cexio Ethereum is 1.07 times more volatile than HitBTC Ethereum USD. It trades about -0.01 of its total potential returns per unit of risk. HitBTC Ethereum USD is currently generating about 0.02 per unit of volatility. If you would invest  96,811  in HitBTC Ethereum USD on January 21, 2018 and sell it today you would lose (2,216)  from holding HitBTC Ethereum USD or give up 2.29% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and HitBTC Ethereum
0.99

Parameters

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

Diversification

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding Cexio 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 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 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 Cexio Ethereum i.e. Cexio Ethereum and HitBTC Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

HitBTC Ethereum USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.