Correlation Analysis Between Coinbase Ethereum and itBit Ethereum

This module allows you to analyze existing cross correlation between Coinbase Ethereum USD and itBit Ethereum USD. You can compare the effects of market volatilities on Coinbase Ethereum and itBit 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 itBit Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of Coinbase Ethereum and itBit 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.
itBit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days itBit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

Coinbase Ethereum and itBit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD  vs.  itBit Ethereum USD

Coinbase

Ethereum on Coinbase in USD

 192.91 
(1.55)  0.80%
Market Cap: 2.7 B
  

itBit

Ethereum on itBit in USD

 192.25 
1.60  0.84%
Market Cap: 202.8 M
 0.66 
0.34% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum USD is expected to generate 0.97 times more return on investment than itBit Ethereum. However, Coinbase Ethereum USD is 1.03 times less risky than itBit Ethereum. It trades about -0.15 of its potential returns per unit of risk. itBit Ethereum USD is currently generating about -0.15 per unit of risk. If you would invest  31,482  in Coinbase Ethereum USD on July 24, 2019 and sell it today you would lose (12,167)  from holding Coinbase Ethereum USD or give up 38.65% of portfolio value over 30 days.

Pair Corralation between Coinbase Ethereum and itBit Ethereum

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

Diversification Opportunities for Coinbase Ethereum and itBit 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 itBit Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit 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 itBit Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Ethereum USD has no effect on the direction of Coinbase Ethereum i.e. Coinbase Ethereum and itBit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.


 
Search macroaxis.com