Correlation Analysis Between BitTrex Bitcoin and Coinbase Ethereum

This module allows you to analyze existing cross correlation between BitTrex Bitcoin USD and Coinbase Ethereum USD. You can compare the effects of market volatilities on BitTrex Bitcoin and Coinbase 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 Coinbase Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of BitTrex Bitcoin and Coinbase 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.
Coinbase Ethereum USD  
5

Risk-Adjusted Performance

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

BitTrex Bitcoin and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

BitTrex Bitcoin USD  vs.  Coinbase Ethereum USD

BitTrex

Bitcoin on BitTrex in USD

 3,601 
9.77  0.27%
Market Cap: 7.3 B
  

Coinbase

Ethereum on Coinbase in USD

 120.16 
(2.49)  2.03%
Market Cap: 85.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Bitcoin USD is expected to under-perform the Coinbase Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Bitcoin USD is 2.14 times less risky than Coinbase Ethereum. The crypto trades about -0.01 of its potential returns per unit of risk. The Coinbase Ethereum USD is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  10,750  in Coinbase Ethereum USD on January 18, 2019 and sell it today you would earn a total of  1,515  from holding Coinbase Ethereum USD or generate 14.09% return on investment over 30 days.

Pair Corralation between BitTrex Bitcoin and Coinbase Ethereum

0.59
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy90.7%
ValuesDaily Returns

Diversification Opportunities for BitTrex Bitcoin and Coinbase Ethereum

BitTrex Bitcoin USD diversification synergy

Very weak diversification

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

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Coinbase Ethereum USD

Pair trading matchups for Coinbase Ethereum

See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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