Correlation Analysis Between CCEX Dogecoin and Bitstamp Ethereum

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

CCEX Dogecoin USD  vs.  Bitstamp Ethereum USD

CCEX

Dogecoin on CCEX in USD

 0.00575 
0.000029  0.51%
Market Cap: 724
  

Bitstamp

Ethereum on Bitstamp in USD

 241.70 
21.65  9.84%
Market Cap: 931.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to generate 1.98 times more return on investment than Bitstamp Ethereum. However, CCEX Dogecoin is 1.98 times more volatile than Bitstamp Ethereum USD. It trades about 0.33 of its potential returns per unit of risk. Bitstamp Ethereum USD is currently generating about -0.11 per unit of risk. If you would invest  0.24  in CCEX Dogecoin USD on August 26, 2018 and sell it today you would earn a total of  0.33  from holding CCEX Dogecoin USD or generate 140.38% return on investment over 30 days.

Pair Corralation between CCEX Dogecoin and Bitstamp Ethereum

-0.85
Time Period1 Month [change]
DirectionNegative 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Pay attention

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

Comparative Volatility

 Predicted Return Density 
      Returns 
CCEX Dogecoin USD  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX Dogecoin USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.
Bitstamp Ethereum USD  
0 

Risk-Adjusted Performance

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

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