Pair Correlation Between BitTrex Ethereum and Coinbase Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 975.54 
(10.11)  1.03%
Market Cap: 16.8 B
(33.43)

Coinbase

Ethereum on Coinbase in USD
 1,009 
104.97  11.61%
Market Cap: 273.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.12 times less return on investment than Coinbase Ethereum. In addition to that, BitTrex Ethereum is 1.22 times more volatile than Coinbase Ethereum USD. It trades about 0.19 of its total potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.26 per unit of volatility. If you would invest  69,879  in Coinbase Ethereum USD on December 17, 2017 and sell it today you would earn a total of  41,130  from holding Coinbase Ethereum USD or generate 58.86% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Coinbase Ethereum
0.99

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Ethereum 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 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 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 Ethereum i.e. BitTrex Ethereum and Coinbase Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.