Pair Correlation 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.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 Bitfinex Ethereum USD  vs   Yobit Ethereum USD

Bitfinex

Ethereum on Bitfinex in USD
 863.58 
26.75  3.20%
Market Cap: 155.3 B
(18.83)

Yobit

Ethereum on Yobit in USD
 882.41 
4.98  0.56%
Market Cap: 400.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Ethereum USD is expected to generate 0.94 times more return on investment than Yobit Ethereum. However, Bitfinex Ethereum USD is 1.06 times less risky than Yobit Ethereum. It trades about -0.08 of its potential returns per unit of risk. Yobit Ethereum USD is currently generating about -0.09 per unit of risk. If you would invest  105,970  in Bitfinex Ethereum USD on January 24, 2018 and sell it today you would lose (19,612)  from holding Bitfinex Ethereum USD or give up 18.51% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Ethereum and Yobit Ethereum
0.77

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 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.

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

Bitfinex Ethereum USD

Pair trading matchups for Bitfinex Ethereum

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.

Yobit Ethereum USD

Pair trading matchups for Yobit Ethereum