Pair Correlation Between Coinbase Ethereum and Cexio Ethereum

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

Coinbase

Ethereum on Coinbase in USD
 533.41 
50.4  10.43%
Market Cap: 38.4 B
(14.3)

Cexio

Ethereum on Cexio in USD
 547.71 
32.71  6.35%
Market Cap: 1.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum is expected to generate 1.08 times less return on investment than Cexio Ethereum. In addition to that, Coinbase Ethereum is 1.18 times more volatile than Cexio Ethereum USD. It trades about 0.34 of its total potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.43 per unit of volatility. If you would invest  32,700  in Cexio Ethereum USD on November 12, 2017 and sell it today you would earn a total of  21,103  from holding Cexio Ethereum USD or generate 64.54% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Ethereum and Cexio Ethereum
0.92

Parameters

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 Ethereum 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 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 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 Ethereum i.e. Coinbase Ethereum and Cexio Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.