Correlation Analysis Between Bitfinex Recovery and BitTrex Ethereum

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

Comparative Performance

Bitfinex Recovery Right  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.
BitTrex Ethereum Cla  
0

Risk-Adjusted Performance

Over the last 30 days BitTrex Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Bitfinex Recovery and BitTrex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right Tokens  vs.  BitTrex Ethereum Classic USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03563 
(0.00011)  0.31%
Market Cap: 145
  

BitTrex

Ethereum Classic on BitTrex in USD

 3.68 
0.13  3.66%
Market Cap: 21.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 0.73 times more return on investment than BitTrex Ethereum. However, Bitfinex Recovery Right Tokens USD is 1.37 times less risky than BitTrex Ethereum. It trades about 0.01 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.29 per unit of risk. If you would invest  3.62  in Bitfinex Recovery Right Tokens USD on November 16, 2018 and sell it today you would lose (0.06)  from holding Bitfinex Recovery Right Tokens USD or give up 1.68% of portfolio value over 30 days.

Pair Corralation between Bitfinex Recovery and BitTrex Ethereum

-0.25
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy73.77%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Recovery and BitTrex Ethereum

Bitfinex Recovery Right Tokens diversification synergy

Very good diversification

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

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See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.


 
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