Pair Correlation Between Coinbase Ethereum and Bitfinex Ethereum

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

Coinbase

Ethereum on Coinbase in USD
 1,183 
(126.79)  9.68%
Market Cap: 273.3 B
 0.99 
0.083707% Risk Free Arbitrage
All Coins Ethereum Arbitrage Ethereum Correlation

Bitfinex

Ethereum on Bitfinex in USD
 1,182 
(124.6)  9.54%
Market Cap: 282 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum USD is expected to generate 0.86 times more return on investment than Bitfinex Ethereum. However, Coinbase Ethereum USD is 1.16 times less risky than Bitfinex Ethereum. It trades about 0.38 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about 0.27 per unit of risk. If you would invest  69,879  in Coinbase Ethereum USD on December 17, 2017 and sell it today you would earn a total of  61,069  from holding Coinbase Ethereum USD or generate 87.39% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Ethereum and Bitfinex Ethereum
1.0

Parameters

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

Diversification

No risk reduction

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Ethereum USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.