Correlation Analysis Between BitTrex Ethereum and Bitfinex Recovery

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

BitTrex Ethereum Classic USD  vs.  Bitfinex Recovery Right Tokens

BitTrex

Ethereum Classic on BitTrex in USD

 9.65 
0.18  1.90%
Market Cap: 34.6 K
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03833 
0.00306  7.39%
Market Cap: 238
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the Bitfinex Recovery. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Ethereum Classic USD is 1.73 times less risky than Bitfinex Recovery. The crypto trades about -0.1 of its potential returns per unit of risk. The Bitfinex Recovery Right Tokens USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  3.35  in Bitfinex Recovery Right Tokens USD on September 16, 2018 and sell it today you would earn a total of  0.79  from holding Bitfinex Recovery Right Tokens USD or generate 23.58% return on investment over 30 days.

Pair Corralation between BitTrex Ethereum and Bitfinex Recovery

-0.54
Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy70.97%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
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 Right  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

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