Correlation Analysis Between itBit Ethereum and primexbt Ethereum

This module allows you to analyze existing cross correlation between itBit Ethereum USD and primexbt Ethereum USD. You can compare the effects of market volatilities on itBit Ethereum and primexbt 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 primexbt Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Ethereum and primexbt 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.
primexbt Ethereum USD  
88

Risk-Adjusted Performance

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

itBit Ethereum and primexbt Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Ethereum USD  vs.  primexbt Ethereum USD

itBit

Ethereum on itBit in USD

 199.45 
3.90  1.99%
Market Cap: 16.5 M
  

primexbt

Ethereum on primexbt in USD

 200.77 
4.69  2.39%
Market Cap: 75 M
(1.32)
0.66% 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 primexbt Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Ethereum USD is 20.48 times less risky than primexbt Ethereum. The crypto trades about -0.12 of its potential returns per unit of risk. The primexbt 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 primexbt Ethereum USD on July 20, 2019 and sell it today you would earn a total of  20,077  from holding primexbt Ethereum USD or generate 9.223372036854776E16% return on investment over 30 days.

Pair Corralation between itBit Ethereum and primexbt Ethereum

0.53
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy70.49%
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and primexbt Ethereum

itBit Ethereum USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and primexbt Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on primexbt 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 primexbt Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of primexbt Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and primexbt Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.


 
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