Pair Correlation Between BitBay Ethereum and Poloniex Ethereum

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

BitBay

Ethereum on BitBay in USD
 929.99 
(267.01)  22.31%
Market Cap: 35.2 M
 67.99 

Poloniex

Ethereum on Poloniex in USD
 862 
(390.57)  31.18%
Market Cap: 71.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitBay Ethereum USD is expected to generate 0.82 times more return on investment than Poloniex Ethereum. However, BitBay Ethereum USD is 1.23 times less risky than Poloniex Ethereum. It trades about 0.12 of its potential returns per unit of risk. Poloniex Ethereum USD is currently generating about 0.09 per unit of risk. If you would invest  82,200  in BitBay Ethereum USD on December 18, 2017 and sell it today you would earn a total of  16,550  from holding BitBay Ethereum USD or generate 20.13% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitBay Ethereum and Poloniex 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 Poloniex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Poloniex 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 Poloniex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Poloniex Ethereum USD has no effect on the direction of BitBay Ethereum i.e. BitBay Ethereum and Poloniex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitBay Ethereum USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Ethereum USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

BitBay Ethereum USD

Pair trading matchups for BitBay Ethereum

Poloniex Ethereum USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Ethereum USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Poloniex Ethereum USD

Pair trading matchups for Poloniex Ethereum