Correlation Analysis Between ExtStock Ethereum and Exenium Ethereum

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

Comparative Performance

ExtStock Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days ExtStock 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 basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
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.

ExtStock Ethereum and Exenium Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

ExtStock Ethereum USD  vs.  Exenium Ethereum USD

ExtStock

Ethereum on ExtStock in USD

 187.14 
(2.71)  1.43%
Market Cap: 390.7 M
  

Exenium

Ethereum on Exenium in USD

 185.78 
(2.15)  1.14%
Market Cap: 4.7 M
 1.36 
0.73% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, ExtStock Ethereum USD is expected to under-perform the Exenium Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, ExtStock Ethereum USD is 1.15 times less risky than Exenium Ethereum. The crypto trades about -0.21 of its potential returns per unit of risk. The Exenium Ethereum USD is currently generating about -0.15 of returns per unit of risk over similar time horizon. If you would invest  31,117  in Exenium Ethereum USD on July 25, 2019 and sell it today you would lose (12,617)  from holding Exenium Ethereum USD or give up 40.55% of portfolio value over 30 days.

Pair Corralation between ExtStock Ethereum and Exenium Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for ExtStock Ethereum and Exenium Ethereum

ExtStock Ethereum USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding ExtStock Ethereum USD and Exenium Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Exenium Ethereum USD and ExtStock 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 ExtStock Ethereum USD are associated (or correlated) with Exenium Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exenium Ethereum USD has no effect on the direction of ExtStock Ethereum i.e. ExtStock Ethereum and Exenium Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Cryptocurrency Arbitrage module to find pairs of digital assets on multiple exchanges that are traded at a risk free arbitrage.


 
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