Pair Correlation Between Lykke Ethereum and BitBay Ethereum

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

Lykke

Ethereum on Lykke in USD
 1,164 
0.00  0.00%
Market Cap: 30 M
 3.76 

BitBay

Ethereum on BitBay in USD
 1,160 
(39.01)  3.25%
Market Cap: 35.2 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Lykke Ethereum USD is expected to generate 1.1 times more return on investment than BitBay Ethereum. However, Lykke Ethereum is 1.1 times more volatile than BitBay Ethereum USD. It trades about 0.36 of its potential returns per unit of risk. BitBay Ethereum USD is currently generating about 0.19 per unit of risk. If you would invest  77,510  in Lykke Ethereum USD on December 19, 2017 and sell it today you would earn a total of  38,865  from holding Lykke Ethereum USD or generate 50.14% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Lykke Ethereum and BitBay Ethereum
0.3

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy56.67%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Lykke Ethereum USD

  

Lykke Ethereum USD

Pair trading matchups for Lykke Ethereum

BitBay Ethereum USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Ethereum USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

BitBay Ethereum USD

Pair trading matchups for BitBay Ethereum