Correlation Analysis Between Bitstamp Ethereum and Bitfinex NEO

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

Bitstamp Ethereum USD  vs.  Bitfinex NEO USD

Bitstamp

Ethereum on Bitstamp in USD

 90.29 
(1.24)  1.35%
Market Cap: 52.2 M
  

Bitfinex

NEO on Bitfinex in USD

 6.19 
(0.15)  2.37%
Market Cap: 12.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Ethereum USD is expected to generate 0.91 times more return on investment than Bitfinex NEO. However, Bitstamp Ethereum USD is 1.1 times less risky than Bitfinex NEO. It trades about -0.27 of its potential returns per unit of risk. Bitfinex NEO USD is currently generating about -0.3 per unit of risk. If you would invest  19,488  in Bitstamp Ethereum USD on November 10, 2018 and sell it today you would lose (10,556)  from holding Bitstamp Ethereum USD or give up 54.17% of portfolio value over 30 days.

Pair Corralation between Bitstamp Ethereum and Bitfinex NEO

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Bitstamp Ethereum USD diversification synergy

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Bitstamp Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Bitstamp Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex NEO USD  
0

Risk-Adjusted Performance

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

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