Correlation Analysis Between Coinbase Ethereum and Gemini Ethereum

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

Comparative Performance

Coinbase Ethereum USD  
00

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. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.
Gemini Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Gemini Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.

Coinbase Ethereum and Gemini Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD  vs.  Gemini Ethereum USD

Coinbase

Ethereum on Coinbase in USD

 195.15 
2.74  1.42%
Market Cap: 2.7 B
  

Gemini

Ethereum on Gemini in USD

 195.83 
3.82  1.99%
Market Cap: 66.3 M
(0.68)
0.35% 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 Gemini Ethereum. In addition to that, Coinbase Ethereum is 1.02 times more volatile than Gemini Ethereum USD. It trades about -0.15 of its total potential returns per unit of risk. Gemini Ethereum USD is currently generating about -0.15 per unit of volatility. If you would invest  31,543  in Gemini Ethereum USD on July 24, 2019 and sell it today you would lose (11,960)  from holding Gemini Ethereum USD or give up 37.92% of portfolio value over 30 days.

Pair Corralation between Coinbase Ethereum and Gemini Ethereum

0.98
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Coinbase Ethereum and Gemini Ethereum

Coinbase Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Ethereum USD and Gemini Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gemini 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 Gemini Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gemini Ethereum USD has no effect on the direction of Coinbase Ethereum i.e. Coinbase Ethereum and Gemini Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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