Pair Correlation Between Poloniex Ethereum and BitBay Ethereum

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

Poloniex

Ethereum on Poloniex in USD
 1,073 
26.77  2.56%
Market Cap: 71.5 B
(12.4)

BitBay

Ethereum on BitBay in USD
 1,085 
(55)  4.82%
Market Cap: 35.2 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Ethereum USD is expected to generate 1.09 times more return on investment than BitBay Ethereum. However, Poloniex Ethereum is 1.09 times more volatile than BitBay Ethereum USD. It trades about 0.25 of its potential returns per unit of risk. BitBay Ethereum USD is currently generating about 0.22 per unit of risk. If you would invest  65,340  in Poloniex Ethereum USD on December 23, 2017 and sell it today you would earn a total of  39,243  from holding Poloniex Ethereum USD or generate 60.06% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Poloniex Ethereum and BitBay Ethereum
0.96

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 Poloniex 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 Poloniex 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 Poloniex 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 Poloniex Ethereum i.e. Poloniex Ethereum and BitBay Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Poloniex Ethereum USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Ethereum USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

BitBay Ethereum USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitBay Ethereum USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.