Correlation Analysis Between itBit Ethereum and Ethfinex Ethereum

This module allows you to analyze existing cross correlation between itBit Ethereum USD and Ethfinex Ethereum USD. You can compare the effects of market volatilities on itBit Ethereum and Ethfinex 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 Ethfinex Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Ethereum and Ethfinex 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.
Ethfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Ethfinex 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 Ethfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Ethereum USD  vs.  Ethfinex Ethereum USD

itBit

Ethereum on itBit in USD

 184.35 
0.00  0.00%
Market Cap: 202.8 M
  

Ethfinex

Ethereum on Ethfinex in USD

 184.24 
(3.10)  1.65%
Market Cap: 67.8 M
 0.11 
0.06% 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 Ethfinex Ethereum. In addition to that, itBit Ethereum is 1.01 times more volatile than Ethfinex Ethereum USD. It trades about -0.18 of its total potential returns per unit of risk. Ethfinex Ethereum USD is currently generating about -0.17 per unit of volatility. If you would invest  31,552  in Ethfinex Ethereum USD on July 22, 2019 and sell it today you would lose (13,128)  from holding Ethfinex Ethereum USD or give up 41.61% of portfolio value over 30 days.

Pair Corralation between itBit Ethereum and Ethfinex Ethereum

0.87
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy95.35%
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and Ethfinex Ethereum

itBit Ethereum USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and Ethfinex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Ethfinex 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 Ethfinex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ethfinex Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and Ethfinex Ethereum go up and down completely randomly.
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