Pair Correlation Between Lykke Ethereum and Bitfinex Ethereum

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

Lykke

Ethereum on Lykke in USD
 1,133 
23  2.07%
Market Cap: 30 M
 113.4 

Bitfinex

Ethereum on Bitfinex in USD
 1,020 
8.8  0.87%
Market Cap: 282 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Lykke Ethereum is expected to generate 1.14 times less return on investment than Bitfinex Ethereum. But when comparing it to its historical volatility, Lykke Ethereum USD is 1.84 times less risky than Bitfinex Ethereum. It trades about 0.23 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  79,473  in Bitfinex Ethereum USD on December 20, 2017 and sell it today you would earn a total of  22,877  from holding Bitfinex Ethereum USD or generate 28.79% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Lykke Ethereum and Bitfinex Ethereum
0.78

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Lykke Ethereum USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Lykke Ethereum USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Lykke Ethereum USD

Pair trading matchups for Lykke Ethereum

Bitfinex Ethereum USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Ethereum USD

Pair trading matchups for Bitfinex Ethereum