Pair Correlation Between BitBay Ethereum and Gemini Ethereum

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

BitBay

Ethereum on BitBay in USD
 1,085 
(54.16)  4.75%
Market Cap: 35.2 M
 38.82 

Gemini

Ethereum on Gemini in USD
 1,046 
(75.16)  6.7%
Market Cap: 62.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitBay Ethereum is expected to generate 1.1 times less return on investment than Gemini Ethereum. But when comparing it to its historical volatility, BitBay Ethereum USD is 1.12 times less risky than Gemini Ethereum. It trades about 0.21 of its potential returns per unit of risk. Gemini Ethereum USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  71,780  in Gemini Ethereum USD on December 22, 2017 and sell it today you would earn a total of  32,838  from holding Gemini Ethereum USD or generate 45.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitBay Ethereum and Gemini Ethereum
0.97

Parameters

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

Diversification

Almost no diversification

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

BitBay Ethereum USD

Pair trading matchups for BitBay Ethereum

Gemini Ethereum USD

  
13 

Risk-Adjusted Performance

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

Gemini Ethereum USD

Pair trading matchups for Gemini Ethereum