Correlation Analysis Between itBit Ethereum and Cexio Ethereum

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

Comparative Performance

itBit Ethereum USD  
00

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.
Cexio Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Cexio 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.

itBit Ethereum and Cexio Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Ethereum USD  vs.  Cexio Ethereum USD

itBit

Ethereum on itBit in USD

 194.20 
(0.70)  0.36%
Market Cap: 202.8 M
  

Cexio

Ethereum on Cexio in USD

 197.13 
9.16  4.87%
Market Cap: 274.2 K
(2.93)
1.51% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Ethereum USD is expected to under-perform the Cexio Ethereum. In addition to that, itBit Ethereum is 1.03 times more volatile than Cexio Ethereum USD. It trades about -0.14 of its total potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.14 per unit of volatility. If you would invest  30,746  in Cexio Ethereum USD on July 21, 2019 and sell it today you would lose (10,998)  from holding Cexio Ethereum USD or give up 35.77% of portfolio value over 30 days.

Pair Corralation between itBit Ethereum and Cexio Ethereum

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

Diversification Opportunities for itBit Ethereum and Cexio Ethereum

itBit Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and Cexio Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Cexio 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 Cexio Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cexio Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and Cexio Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Insider Screener module to find insiders across different sectors to evaluate their impact on performance.


 
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