Correlation Analysis Between Coinbase Bitcoin and BitTrex Ethereum

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

Coinbase Bitcoin USD  vs.  BitTrex Ethereum Classic USD

Coinbase

Bitcoin on Coinbase in USD

 5,559 
185.38  3.45%
Market Cap: 42.5 B
  

BitTrex

Ethereum Classic on BitTrex in USD

 7.38 
0.03  0.41%
Market Cap: 596.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.93 times more return on investment than BitTrex Ethereum. However, Coinbase Bitcoin USD is 1.08 times less risky than BitTrex Ethereum. It trades about -0.2 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.23 per unit of risk. If you would invest  639,530  in Coinbase Bitcoin USD on October 18, 2018 and sell it today you would lose (91,762)  from holding Coinbase Bitcoin USD or give up 14.35% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and BitTrex Ethereum

0.87
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy76.67%
ValuesDaily Returns

Diversification

Coinbase Bitcoin USD diversification synergy

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
BitTrex Ethereum Cla  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1061.49

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