Pair Correlation 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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC Ethereum USD  vs   Bitfinex Ethereum USD

HitBTC

Ethereum on HitBTC in USD
 662.1 
(30.98)  4.47%
Market Cap: 839.8 M
 4.8 

Bitfinex

Ethereum on Bitfinex in USD
 657.3 
(61.95)  8.61%
Market Cap: 2.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Ethereum is expected to generate 1.09 times less return on investment than Bitfinex Ethereum. In addition to that, HitBTC Ethereum is 1.04 times more volatile than Bitfinex Ethereum USD. It trades about 0.33 of its total potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about 0.38 per unit of volatility. If you would invest  32,931  in Bitfinex Ethereum USD on November 14, 2017 and sell it today you would earn a total of  35,099  from holding Bitfinex Ethereum USD or generate 106.58% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Ethereum and Bitfinex Ethereum
0.98

Parameters

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

Diversification

Almost no 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

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Ethereum USD are ranked lower than 21 (%) 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.