Correlation Analysis Between itBit Ethereum and SingularityX Ethereum

This module allows you to analyze existing cross correlation between itBit Ethereum USD and SingularityX Ethereum USD. You can compare the effects of market volatilities on itBit Ethereum and SingularityX 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 SingularityX Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Ethereum and SingularityX Ethereum.
Horizon     30 Days    Login   to change
Symbolsvs
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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.
SingularityX Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days SingularityX 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 SingularityX Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

itBit Ethereum USD  vs.  SingularityX Ethereum USD

itBit

Ethereum on itBit in USD

 187.45 
(1.45)  0.77%
Market Cap: 202.8 M
  

SingularityX

Ethereum on SingularityX in USD

 187.20 
(0.54)  0.29%
Market Cap: 19 M
 0.25 
0.13% 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 SingularityX Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, itBit Ethereum USD is 1.24 times less risky than SingularityX Ethereum. The crypto trades about -0.16 of its potential returns per unit of risk. The SingularityX Ethereum USD is currently generating about -0.12 of returns per unit of risk over similar time horizon. If you would invest  31,487  in SingularityX Ethereum USD on July 22, 2019 and sell it today you would lose (12,713)  from holding SingularityX Ethereum USD or give up 40.38% of portfolio value over 30 days.

Pair Corralation between itBit Ethereum and SingularityX Ethereum

0.9
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and SingularityX 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 SingularityX Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SingularityX 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 SingularityX Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SingularityX Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and SingularityX Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.


 
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