Pair Correlation Between BitBay Ethereum and Exmo Ethereum

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

BitBay

Ethereum on BitBay in USD
 1,060 
(137)  11.45%
Market Cap: 35.2 M
(107.38)

Exmo

Ethereum on Exmo in USD
 1,167 
83.48  7.7%
Market Cap: 5.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitBay Ethereum is expected to generate 1.25 times less return on investment than Exmo Ethereum. But when comparing it to its historical volatility, BitBay Ethereum USD is 1.15 times less risky than Exmo Ethereum. It trades about 0.21 of its potential returns per unit of risk. Exmo Ethereum USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  69,600  in Exmo Ethereum USD on December 17, 2017 and sell it today you would earn a total of  38,790  from holding Exmo Ethereum USD or generate 55.73% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitBay Ethereum and Exmo Ethereum
0.99

Parameters

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

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitBay Ethereum USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Ethereum USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Exmo Ethereum USD

  
14 

Risk-Adjusted Performance

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