Correlation Analysis Between Bitfinex Ethereum and Yobit Ethereum

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

Comparative Performance

Bitfinex Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Bitfinex Ethereum and Yobit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Ethereum USD  vs.  Yobit Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD

 90.19 
1.01  1.13%
Market Cap: 1.4 B
  

Yobit

Ethereum on Yobit in USD

 93.75 
(2.40)  2.50%
Market Cap: 1 M
(3.56)
3.95% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum USD is expected to under-perform the Yobit Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Ethereum USD is 1.06 times less risky than Yobit Ethereum. The crypto trades about -0.36 of its potential returns per unit of risk. The Yobit Ethereum USD is currently generating about -0.31 of returns per unit of risk over similar time horizon. If you would invest  21,330  in Yobit Ethereum USD on November 14, 2018 and sell it today you would lose (11,955)  from holding Yobit Ethereum USD or give up 56.05% of portfolio value over 30 days.

Pair Corralation between Bitfinex Ethereum and Yobit Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Ethereum and Yobit Ethereum

Bitfinex Ethereum USD diversification synergy

No risk reduction

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

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See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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