Pair Correlation Between Gemini Ethereum and Bitfinex Ethereum

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

Gemini

Ethereum on Gemini in USD
 722 
9  1.26%
Market Cap: 10 B
 10.44 

Bitfinex

Ethereum on Bitfinex in USD
 711.56 
(4.9)  0.68%
Market Cap: 2.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Ethereum USD is expected to generate 1.05 times more return on investment than Bitfinex Ethereum. However, Gemini Ethereum is 1.05 times more volatile than Bitfinex Ethereum USD. It trades about 0.36 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about 0.37 per unit of risk. If you would invest  34,737  in Gemini Ethereum USD on November 17, 2017 and sell it today you would earn a total of  36,663  from holding Gemini Ethereum USD or generate 105.54% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Gemini Ethereum and Bitfinex Ethereum
0.99

Parameters

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

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Gemini Ethereum USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Ethereum USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Ethereum USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.