Correlation Analysis Between Coinbase Bitcoin and Cexio Ethereum

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

Coinbase Bitcoin USD  vs.  Cexio Ethereum USD

Coinbase

Bitcoin on Coinbase in USD
 6,717 
62.01  0.91%
Market Cap: 159.2 B
  

Cexio

Ethereum on Cexio in USD
 530.00 
5.91  1.10%
Market Cap: 1 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Cexio Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 1.57 times less risky than Cexio Ethereum. The crypto trades about -0.12 of its potential returns per unit of risk. The Cexio Ethereum USD is currently generating about -0.07 of returns per unit of risk over similar time horizon. If you would invest  60,315  in Cexio Ethereum USD on May 22, 2018 and sell it today you would lose (7,406)  from holding Cexio Ethereum USD or give up 12.28% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Cexio Ethereum

0.98
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 Coinbase Bitcoin USD and Cexio Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Cexio Ethereum USD and Coinbase Bitcoin 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 Coinbase Bitcoin USD are associated (or correlated) with Cexio Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cexio Ethereum USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Cexio Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
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 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.

My Equities

My Current Equities and Potential Positions
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Alphabet
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ExchangeNASDAQ
$1157.14

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See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.