Pair Correlation Between Cexio Ethereum and Coinbase Ethereum

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

Cexio

Ethereum on Cexio in USD
 1,149 
36.04  3.24%
Market Cap: 7.8 B
 107 

Coinbase

Ethereum on Coinbase in USD
 1,042 
(117.04)  10.1%
Market Cap: 319.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to generate 1.1 times more return on investment than Coinbase Ethereum. However, Cexio Ethereum is 1.1 times more volatile than Coinbase Ethereum USD. It trades about 0.19 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.2 per unit of risk. If you would invest  73,600  in Cexio Ethereum USD on December 23, 2017 and sell it today you would earn a total of  37,696  from holding Cexio Ethereum USD or generate 51.22% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Coinbase Ethereum
0.98

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
12 

Risk-Adjusted Performance

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

Coinbase Ethereum USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.