Correlation Analysis Between Gemini Bitcoin and Coinbase Ethereum

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

Gemini Bitcoin USD  
1919

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gemini Bitcoin USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Gemini Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Coinbase Ethereum USD  
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Coinbase Ethereum reported solid returns over the last few months and may actually be approaching a breakup point.

Gemini Bitcoin and Coinbase Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Gemini Bitcoin USD  vs.  Coinbase Ethereum USD

Gemini

Bitcoin on Gemini in USD

 8,837 
(156.21)  1.74%
Market Cap: 46.9 B
  

Coinbase

Ethereum on Coinbase in USD

 268.58 
6.42  2.45%
Market Cap: 8.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gemini Bitcoin USD is expected to generate 0.94 times more return on investment than Coinbase Ethereum. However, Gemini Bitcoin USD is 1.06 times less risky than Coinbase Ethereum. It trades about 0.28 of its potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.21 per unit of risk. If you would invest  528,663  in Gemini Bitcoin USD on May 19, 2019 and sell it today you would earn a total of  370,660  from holding Gemini Bitcoin USD or generate 70.11% return on investment over 30 days.

Pair Corralation between Gemini Bitcoin and Coinbase Ethereum

0.96
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Gemini Bitcoin and Coinbase Ethereum

Gemini Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gemini Bitcoin 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 Gemini 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 Gemini Bitcoin 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 Gemini Bitcoin i.e. Gemini Bitcoin and Coinbase Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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