Correlation Analysis Between BTCAlpha Ethereum and Coinbase Ethereum

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

Comparative Performance

BTCAlpha Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days BTCAlpha Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly fragile fundamental indicators, BTCAlpha Ethereum layed out solid returns over the last few months and may actually be approaching a breakup point.
Coinbase Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Coinbase Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively weak forward-looking signals, Coinbase Ethereum reported solid returns over the last few months and may actually be approaching a breakup point.

BTCAlpha Ethereum and Coinbase Ethereum Volatility Contrast

BTCAlpha Ethereum USD  vs.  Coinbase Ethereum USD

BTCAlpha

Ethereum on BTCAlpha in USD

 217.13 
(1.70)  0.78%
Market Cap: 53.7 M
  

Coinbase

Ethereum on Coinbase in USD

 216.65 
(2.34)  1.07%
Market Cap: 2 B
 0.48 
0.22% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BTCAlpha Ethereum is expected to generate 1.01 times less return on investment than Coinbase Ethereum. But when comparing it to its historical volatility, BTCAlpha Ethereum USD is 1.01 times less risky than Coinbase Ethereum. It trades about 0.71 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  20,577  in Coinbase Ethereum USD on August 21, 2019 and sell it today you would earn a total of  1,322  from holding Coinbase Ethereum USD or generate 6.42% return on investment over 30 days.

Pair Corralation between BTCAlpha Ethereum and Coinbase Ethereum

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for BTCAlpha Ethereum and Coinbase Ethereum

BTCAlpha Ethereum USD diversification synergy

Pay attention

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