Correlation Analysis Between itBit Ethereum and bingcoins Ethereum

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

Comparative Performance

itBit Ethereum USD  

Risk-Adjusted Performance

Over the last 30 days itBit 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.
bingcoins Ethereum USD  

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in bingcoins Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Despite nearly weak fundamental indicators, bingcoins Ethereum layed out solid returns over the last few months and may actually be approaching a breakup point.

itBit Ethereum and bingcoins Ethereum Volatility Contrast

 Predicted Return Density 

itBit Ethereum USD  vs.  bingcoins Ethereum USD


Ethereum on itBit in USD

12.00  6.48%
Market Cap: 16.5 M


Ethereum on bingcoins in USD

7.51  4.04%
Market Cap: 5.6 M
1.87% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, itBit Ethereum USD is expected to under-perform the bingcoins Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Ethereum USD is 20.54 times less risky than bingcoins Ethereum. The crypto trades about -0.08 of its potential returns per unit of risk. The bingcoins Ethereum USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  0.00  in bingcoins Ethereum USD on July 19, 2019 and sell it today you would earn a total of  19,347  from holding bingcoins Ethereum USD or generate 9.223372036854776E16% return on investment over 30 days.

Pair Corralation between itBit Ethereum and bingcoins Ethereum

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and bingcoins Ethereum

itBit Ethereum USD diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and bingcoins Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on bingcoins Ethereum USD and itBit 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 itBit Ethereum USD are associated (or correlated) with bingcoins Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of bingcoins Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and bingcoins Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Instant Ratings module to determine any equity ratings based on digital recommendations. macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.