Pair Correlation Between Coinbase Ethereum and Gemini Ethereum

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

Coinbase

Ethereum on Coinbase in USD
 1,090 
(219.47)  16.76%
Market Cap: 273.3 B
 45.01 

Gemini

Ethereum on Gemini in USD
 1,045 
(235)  18.36%
Market Cap: 62.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum is expected to generate 1.02 times less return on investment than Gemini Ethereum. In addition to that, Coinbase Ethereum is 1.13 times more volatile than Gemini Ethereum USD. It trades about 0.26 of its total potential returns per unit of risk. Gemini Ethereum USD is currently generating about 0.3 per unit of volatility. If you would invest  78,710  in Gemini Ethereum USD on December 17, 2017 and sell it today you would earn a total of  49,290  from holding Gemini Ethereum USD or generate 62.62% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Ethereum and Gemini 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 Gemini Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Gemini 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 Gemini Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gemini Ethereum USD has no effect on the direction of Coinbase Ethereum i.e. Coinbase Ethereum and Gemini Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

Gemini Ethereum USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Ethereum USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.