Correlation Analysis Between Coinbase Ethereum and BitTrex Ethereum

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

Comparative Performance

Coinbase Ethereum USD  
0

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

Coinbase Ethereum and BitTrex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD  vs.  BitTrex Ethereum USD

Coinbase

Ethereum on Coinbase in USD

 85.55 
(2.03)  2.32%
Market Cap: 1.8 B
  

BitTrex

Ethereum on BitTrex in USD

 85.28 
(2.89)  3.28%
Market Cap: 33.9 M
 0.27 
0.32% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum USD is expected to under-perform the BitTrex Ethereum. In addition to that, Coinbase Ethereum is 1.09 times more volatile than BitTrex Ethereum USD. It trades about -0.31 of its total potential returns per unit of risk. BitTrex Ethereum USD is currently generating about -0.33 per unit of volatility. If you would invest  20,390  in BitTrex Ethereum USD on November 13, 2018 and sell it today you would lose (11,573)  from holding BitTrex Ethereum USD or give up 56.76% of portfolio value over 30 days.

Pair Corralation between Coinbase Ethereum and BitTrex Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Coinbase Ethereum and BitTrex Ethereum

Coinbase Ethereum USD diversification synergy

No risk reduction

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

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