Correlation Analysis 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.
Horizon     30 Days    Login   to change
Symbolsvs
Check Efficiency

Comparative Performance

Gemini Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Gemini 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.
Bitfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex 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.

Gemini Ethereum and Bitfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Gemini Ethereum USD  vs.  Bitfinex Ethereum USD

Gemini

Ethereum on Gemini in USD

 190.40 
(0.98)  0.51%
Market Cap: 133.3 M
  

Bitfinex

Ethereum on Bitfinex in USD

 190.56 
(2.75)  1.42%
Market Cap: 2.2 B
(0.16)
0.08% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Ethereum USD is expected to under-perform the Bitfinex Ethereum. In addition to that, Gemini Ethereum is 1.03 times more volatile than Bitfinex Ethereum USD. It trades about -0.2 of its total potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.15 per unit of volatility. If you would invest  29,799  in Bitfinex Ethereum USD on July 26, 2019 and sell it today you would lose (10,843)  from holding Bitfinex Ethereum USD or give up 36.39% of portfolio value over 30 days.

Pair Corralation between Gemini Ethereum and Bitfinex Ethereum

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

Diversification Opportunities for Gemini Ethereum and Bitfinex Ethereum

Gemini Ethereum USD diversification synergy

Almost no diversification

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.
See also your portfolio center. Please also try Idea Breakdown module to analyze constituents of all macroaxis ideas. macroaxis investment ideas are predefined, sector-focused investing themes.


 
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