Pair Correlation Between Exmo Ethereum and BitTrex Ethereum

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

Exmo

Ethereum on Exmo in USD
 706.1 
(5.54)  0.78%
Market Cap: 2.6 B
 177.1 

BitTrex

Ethereum on BitTrex in USD
 529 
(191)  26.53%
Market Cap: 20.7 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Exmo Ethereum is expected to generate 1.02 times less return on investment than BitTrex Ethereum. But when comparing it to its historical volatility, Exmo Ethereum USD is 1.03 times less risky than BitTrex Ethereum. It trades about 0.41 of its potential returns per unit of risk. BitTrex Ethereum USD is currently generating about 0.4 of returns per unit of risk over similar time horizon. If you would invest  33,240  in BitTrex Ethereum USD on November 14, 2017 and sell it today you would earn a total of  38,760  from holding BitTrex Ethereum USD or generate 116.61% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Exmo Ethereum and BitTrex Ethereum
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Exmo Ethereum USD and BitTrex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum USD and Exmo 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 Exmo Ethereum USD are associated (or correlated) with BitTrex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Ethereum USD has no effect on the direction of Exmo Ethereum i.e. Exmo Ethereum and BitTrex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Exmo Ethereum USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Exmo Ethereum USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.