Pair Correlation Between Coinbase Ethereum and CCEX Ethereum

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

Coinbase

Ethereum on Coinbase in USD
 537.96 
54.95  11.38%
Market Cap: 38.4 B
 20.96 

CCEX

Ethereum on CCEX in USD
 517 
(20.29)  3.78%
Market Cap: 3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum USD is expected to generate 0.82 times more return on investment than CCEX Ethereum. However, Coinbase Ethereum USD is 1.22 times less risky than CCEX Ethereum. It trades about 0.39 of its potential returns per unit of risk. CCEX Ethereum USD is currently generating about 0.27 per unit of risk. If you would invest  30,720  in Coinbase Ethereum USD on November 12, 2017 and sell it today you would earn a total of  22,278  from holding Coinbase Ethereum USD or generate 72.52% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Ethereum and CCEX Ethereum
0.66

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD

  
25 

Risk-Adjusted Performance

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

CCEX Ethereum USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Ethereum USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.