Correlation Analysis Between itBit Ethereum and BitTrex Ethereum

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

itBit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days itBit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather fragile fundamental drivers, itBit Ethereum exhibited solid returns over the last few months and may actually be approaching a breakup point.
BitTrex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days BitTrex Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite fairly fragile basic indicators, BitTrex Ethereum showed solid returns over the last few months and may actually be approaching a breakup point.

itBit Ethereum and BitTrex Ethereum Volatility Contrast

itBit Ethereum USD  vs.  BitTrex Ethereum USD

itBit

Ethereum on itBit in USD

 209.10 
3.40  1.65%
Market Cap: 138.1 M
  

BitTrex

Ethereum on BitTrex in USD

 208.24 
2.17  1.05%
Market Cap: 75.3 M
 0.86 
0.41% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Ethereum USD is expected to generate 1.57 times more return on investment than BitTrex Ethereum. However, itBit Ethereum is 1.57 times more volatile than BitTrex Ethereum USD. It trades about 0.71 of its potential returns per unit of risk. BitTrex Ethereum USD is currently generating about 0.71 per unit of risk. If you would invest  20,570  in itBit Ethereum USD on August 20, 2019 and sell it today you would earn a total of  340.00  from holding itBit Ethereum USD or generate 1.65% return on investment over 30 days.

Pair Corralation between itBit Ethereum and BitTrex Ethereum

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and BitTrex Ethereum

itBit Ethereum USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and BitTrex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum USD and itBit 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 itBit Ethereum 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 USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and BitTrex Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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