Correlation Analysis Between BitTrex Bitcoin and Cexio Ethereum

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

Comparative Performance

BitTrex Bitcoin USD  
0

Risk-Adjusted Performance

Over the last 30 days BitTrex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Cexio Ethereum USD  
7

Risk-Adjusted Performance

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

BitTrex Bitcoin and Cexio Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD  vs.  Cexio Ethereum USD

BitTrex

Bitcoin on BitTrex in USD

 3,601 
9.77  0.27%
Market Cap: 7.3 B
  

Cexio

Ethereum on Cexio in USD

 124.71 
(1.43)  1.13%
Market Cap: 33.3 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to under-perform the Cexio Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Bitcoin USD is 1.9 times less risky than Cexio Ethereum. The crypto trades about -0.01 of its potential returns per unit of risk. The Cexio Ethereum USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  10,309  in Cexio Ethereum USD on January 18, 2019 and sell it today you would earn a total of  2,305  from holding Cexio Ethereum USD or generate 22.36% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and Cexio Ethereum

0.63
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy90.7%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and Cexio Ethereum

BitTrex Bitcoin USD diversification synergy

Poor diversification

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

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Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum

See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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