Correlation Analysis Between BitTrex Ethereum and Coinbase Bitcoin

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

BitTrex Ethereum Classic USD  vs.  Coinbase Bitcoin USD

BitTrex

Ethereum Classic on BitTrex in USD

 9.84 
0.28  2.93%
Market Cap: 11.4 K
  

Coinbase

Bitcoin on Coinbase in USD

 6,388 
4.62  0.07%
Market Cap: 43.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the Coinbase Bitcoin. In addition to that, BitTrex Ethereum is 2.05 times more volatile than Coinbase Bitcoin USD. It trades about -0.17 of its total potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.0 per unit of volatility. If you would invest  643,689  in Coinbase Bitcoin USD on September 22, 2018 and sell it today you would lose (1,621)  from holding Coinbase Bitcoin USD or give up 0.25% of portfolio value over 30 days.

Pair Corralation between BitTrex Ethereum and Coinbase Bitcoin

0.67
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy70.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Bollinger Bands module to use bollinger bands indicator to analyze target price for a given investing horizon.


 
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