Pair Correlation Between BitBay Ethereum and Cexio Ethereum

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

BitBay

Ethereum on BitBay in USD
 999 
46.62  4.9%
Market Cap: 10.5 M
(65.38)

Cexio

Ethereum on Cexio in USD
 1,064 
27.17  2.62%
Market Cap: 7.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitBay Ethereum is expected to generate 1.19 times less return on investment than Cexio Ethereum. But when comparing it to its historical volatility, BitBay Ethereum USD is 1.5 times less risky than Cexio Ethereum. It trades about 0.22 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  73,600  in Cexio Ethereum USD on December 23, 2017 and sell it today you would earn a total of  31,697  from holding Cexio Ethereum USD or generate 43.07% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitBay Ethereum and Cexio Ethereum
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitBay Ethereum USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Ethereum USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.