Correlation Analysis Between Exenium Ethereum and Coinbase Ethereum

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

Comparative Performance

Exenium Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Exenium Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Crypto's technical indicators remain considerably steady which may send shares a bit higher in September 2019. The new chaos may also be a sign of medium term up-swing for the entity stakeholders.
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.

Exenium Ethereum and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Exenium Ethereum USD  vs.  Coinbase Ethereum USD

Exenium

Ethereum on Exenium in USD

 185.41 
(3.66)  1.94%
Market Cap: 4.7 M
  

Coinbase

Ethereum on Coinbase in USD

 188.64 
(4.70)  2.43%
Market Cap: 2.7 B
(3.23)
1.74% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exenium Ethereum USD is expected to generate 1.07 times more return on investment than Coinbase Ethereum. However, Exenium Ethereum is 1.07 times more volatile than Coinbase Ethereum USD. It trades about -0.15 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about -0.18 per unit of risk. If you would invest  31,117  in Exenium Ethereum USD on July 25, 2019 and sell it today you would lose (12,445)  from holding Exenium Ethereum USD or give up 39.99% of portfolio value over 30 days.

Pair Corralation between Exenium Ethereum and Coinbase Ethereum

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

Diversification Opportunities for Exenium Ethereum and Coinbase Ethereum

Exenium Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Exenium 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 Exenium 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 Exenium 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 Exenium Ethereum i.e. Exenium Ethereum and Coinbase Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.


 
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