This module allows you to analyze existing cross correlation between itBit Ethereum USD and ExtStock Ethereum USD. You can compare the effects of market volatilities on itBit Ethereum and ExtStock 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 ExtStock Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Ethereum and ExtStock Ethereum.
|Horizon||30 Days Login to change|
|itBit Ethereum USD|
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.
|ExtStock Ethereum USD|
Over the last 30 days ExtStock Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Crypto's basic indicators remain somewhat strong which may send shares a bit higher in September 2019. The current disturbance may also be a sign of long term up-swing for the entity investors.
itBit Ethereum and ExtStock Ethereum Volatility Contrast
Predicted Return Density
itBit Ethereum USD vs. ExtStock Ethereum USD
Assuming 30 trading days horizon, itBit Ethereum USD is expected to generate 1.1 times more return on investment than ExtStock Ethereum. However, itBit Ethereum is 1.1 times more volatile than ExtStock Ethereum USD. It trades about -0.14 of its potential returns per unit of risk. ExtStock Ethereum USD is currently generating about -0.16 per unit of risk. If you would invest 30,890 in itBit Ethereum USD on July 21, 2019 and sell it today you would lose (11,360) from holding itBit Ethereum USD or give up 36.78% of portfolio value over 30 days.
Pair Corralation between itBit Ethereum and ExtStock Ethereum
|Time Period||2 Months [change]|
Diversification Opportunities for itBit Ethereum and ExtStock Ethereum
No risk reduction
Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and ExtStock Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ExtStock 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 ExtStock Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ExtStock Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and ExtStock Ethereum go up and down completely randomly.
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