Correlation Analysis Between Ethfinex Ethereum and Coinbase Ethereum

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

Ethfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Ethfinex 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 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.

Ethfinex Ethereum and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Ethfinex Ethereum USD  vs.  Coinbase Ethereum USD

Ethfinex

Ethereum on Ethfinex in USD

 184.24 
(3.10)  1.65%
Market Cap: 67.8 M
  

Coinbase

Ethereum on Coinbase in USD

 184.78 
(2.59)  1.38%
Market Cap: 2.1 B
(0.54)
0.29% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Ethfinex Ethereum USD is expected to under-perform the Coinbase Ethereum. In addition to that, Ethfinex Ethereum is 1.04 times more volatile than Coinbase Ethereum USD. It trades about -0.18 of its total potential returns per unit of risk. Coinbase Ethereum USD is currently generating about -0.17 per unit of volatility. If you would invest  31,482  in Coinbase Ethereum USD on July 22, 2019 and sell it today you would lose (12,832)  from holding Coinbase Ethereum USD or give up 40.76% of portfolio value over 30 days.

Pair Corralation between Ethfinex Ethereum and Coinbase Ethereum

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.35%
ValuesDaily Returns

Diversification Opportunities for Ethfinex Ethereum and Coinbase Ethereum

Ethfinex Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Ethfinex Ethereum USD and Coinbase Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinbase Ethereum USD and Ethfinex 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 Ethfinex Ethereum USD are associated (or correlated) with Coinbase Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinbase Ethereum USD has no effect on the direction of Ethfinex Ethereum i.e. Ethfinex Ethereum and Coinbase Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Pattern Recognition module to use different pattern recognition models to time the market across multiple global exchanges.


 
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