Correlation Analysis Between Ethfinex Ethereum and Coinsbit Ethereum

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

Risk-Adjusted Performance

Over the last 30 days Coinsbit 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 fundamental indicators remain nearly stable which may send shares a bit higher in September 2019. The prevalent disturbance may also be a sign of long-run up-swing for the entity stockholder.

Ethfinex Ethereum and Coinsbit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Ethfinex Ethereum USD  vs.  Coinsbit Ethereum USD

Ethfinex

Ethereum on Ethfinex in USD

 187.04 
(0.30)  0.16%
Market Cap: 67.8 M
  

Coinsbit

Ethereum on Coinsbit in USD

 186.31 
(1.13)  0.60%
Market Cap: 2.5 B
 0.73 
0.39% 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 Coinsbit Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Ethfinex Ethereum USD is 1.3 times less risky than Coinsbit Ethereum. The crypto trades about -0.18 of its potential returns per unit of risk. The Coinsbit Ethereum USD is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest  31,615  in Coinsbit Ethereum USD on July 22, 2019 and sell it today you would lose (12,984)  from holding Coinsbit Ethereum USD or give up 41.07% of portfolio value over 30 days.

Pair Corralation between Ethfinex Ethereum and Coinsbit Ethereum

0.94
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.35%
ValuesDaily Returns

Diversification Opportunities for Ethfinex Ethereum and Coinsbit 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 Coinsbit Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Coinsbit 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 Coinsbit Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coinsbit Ethereum USD has no effect on the direction of Ethfinex Ethereum i.e. Ethfinex Ethereum and Coinsbit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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