Pair Correlation Between Cexio Ethereum and Bitfinex Recovery

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

Cexio

Ethereum on Cexio in USD
 1,029 
(8.21)  0.79%
Market Cap: 7.8 B

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.15 
0.0077  5.28%
Market Cap: 112.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to generate 0.73 times more return on investment than Bitfinex Recovery. However, Cexio Ethereum USD is 1.37 times less risky than Bitfinex Recovery. It trades about 0.13 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.05 per unit of risk. If you would invest  81,802  in Cexio Ethereum USD on December 24, 2017 and sell it today you would earn a total of  21,098  from holding Cexio Ethereum USD or generate 25.79% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Bitfinex Recovery
-0.01

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Recovery Right

  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.