Pair Correlation Between Coinbase Ethereum and Poloniex Ethereum

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

Coinbase

Ethereum on Coinbase in USD
 904 
(405.48)  30.96%
Market Cap: 273.3 B
(348.57)

Poloniex

Ethereum on Poloniex in USD
 1,253 
(32.23)  2.51%
Market Cap: 71.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum is expected to generate 2.94 times less return on investment than Poloniex Ethereum. In addition to that, Coinbase Ethereum is 1.11 times more volatile than Poloniex Ethereum USD. It trades about 0.08 of its total potential returns per unit of risk. Poloniex Ethereum USD is currently generating about 0.26 per unit of volatility. If you would invest  77,710  in Poloniex Ethereum USD on December 18, 2017 and sell it today you would earn a total of  47,547  from holding Poloniex Ethereum USD or generate 61.19% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Ethereum and Poloniex Ethereum
0.95

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Poloniex Ethereum USD

  
17 

Risk-Adjusted Performance

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