Correlation Analysis Between SingularityX Ethereum and Bitfinex Ethereum

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

Comparative Performance

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.
Bitfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex 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 and Bitfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

SingularityX Ethereum USD  vs.  Bitfinex Ethereum USD

SingularityX

Ethereum on SingularityX in USD

 187.84 
(4.37)  2.27%
Market Cap: 19 M
  

Bitfinex

Ethereum on Bitfinex in USD

 188.95 
(3.94)  2.04%
Market Cap: 2.2 B
(1.11)
0.59% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, SingularityX Ethereum USD is expected to generate 1.77 times more return on investment than Bitfinex Ethereum. However, SingularityX Ethereum is 1.77 times more volatile than Bitfinex Ethereum USD. It trades about -0.08 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.19 per unit of risk. If you would invest  33,406  in SingularityX Ethereum USD on July 25, 2019 and sell it today you would lose (14,622)  from holding SingularityX Ethereum USD or give up 43.77% of portfolio value over 30 days.

Pair Corralation between SingularityX Ethereum and Bitfinex Ethereum

0.96
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for SingularityX Ethereum and Bitfinex Ethereum

SingularityX Ethereum USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding SingularityX Ethereum USD and Bitfinex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Ethereum USD and SingularityX 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 SingularityX Ethereum USD are associated (or correlated) with Bitfinex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Ethereum USD has no effect on the direction of SingularityX Ethereum i.e. SingularityX Ethereum and Bitfinex Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Matrix module to view fundamentals matrix and analyze how accounts are interrelated and interconnected with each other.


 
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