Correlation Analysis Between HitBTC Ethereum and Bitfinex Ethereum

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

HitBTC Ethereum USD  vs.  Bitfinex Ethereum USD

HitBTC

Ethereum on HitBTC in USD

 89.10 
(426.90)  82.73%
Market Cap: 23.4 K
  

Bitfinex

Ethereum on Bitfinex in USD

 93.62 
2.77  3.05%
Market Cap: 6.4 B
(4.52)
5.07% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Ethereum USD is expected to under-perform the Bitfinex Ethereum. In addition to that, HitBTC Ethereum is 9.31 times more volatile than Bitfinex Ethereum USD. It trades about -0.58 of its total potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.36 per unit of volatility. If you would invest  21,284  in Bitfinex Ethereum USD on November 12, 2018 and sell it today you would lose (12,199)  from holding Bitfinex Ethereum USD or give up 57.32% of portfolio value over 30 days.

Pair Corralation between HitBTC Ethereum and Bitfinex Ethereum

0.8
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy7.14%
ValuesDaily Returns

Diversification

HitBTC Ethereum USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC 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 HitBTC 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 HitBTC 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 HitBTC Ethereum i.e. HitBTC Ethereum and Bitfinex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days HitBTC Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Ethereum USD  
0

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.

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