Correlation Between Ether ETF and Ether Fund
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ether ETF CAD and Ether Fund, you can compare the effects of market volatilities on Ether ETF and Ether Fund 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 Ether ETF with a short position of Ether Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ether ETF and Ether Fund.
Diversification Opportunities for Ether ETF and Ether Fund
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Ether and Ether is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding Ether ETF CAD and Ether Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ether Fund and Ether ETF 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 Ether ETF CAD are associated (or correlated) with Ether Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ether Fund has no effect on the direction of Ether ETF i.e., Ether ETF and Ether Fund go up and down completely randomly.
Pair Corralation between Ether ETF and Ether Fund
Assuming the 90 days trading horizon Ether ETF CAD is expected to generate 0.99 times more return on investment than Ether Fund. However, Ether ETF CAD is 1.01 times less risky than Ether Fund. It trades about 0.03 of its potential returns per unit of risk. Ether Fund is currently generating about 0.02 per unit of risk. If you would invest 1,660 in Ether ETF CAD on September 24, 2024 and sell it today you would earn a total of 17.00 from holding Ether ETF CAD or generate 1.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Ether ETF CAD vs. Ether Fund
Performance |
Timeline |
Ether ETF CAD |
Ether Fund |
Ether ETF and Ether Fund Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ether ETF and Ether Fund
The main advantage of trading using opposite Ether ETF and Ether Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ether ETF position performs unexpectedly, Ether Fund can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Ether Fund will offset losses from the drop in Ether Fund's long position.Ether ETF vs. Ether Fund | Ether ETF vs. Ether Fund | Ether ETF vs. NBI High Yield | Ether ETF vs. NBI Unconstrained Fixed |
Ether Fund vs. Manulife Multifactor Mid | Ether Fund vs. Manulife Multifactor Canadian | Ether Fund vs. Manulife Multifactor Large | Ether Fund vs. Manulife Multifactor Canadian |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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