Pair Correlation Between BitTrex Ethereum and Yobit BitTokens

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

BitTrex

Ethereum Classic on BitTrex in USD
 32.71 
(8.29)  20.22%
Market Cap: 88.6 M

Yobit

BitTokens on Yobit in USD
 2.45 
1  68.97%
Market Cap: 39.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the Yobit BitTokens. But the crypto apears to be less risky and, when comparing its historical volatility, BitTrex Ethereum Classic USD is 22.0 times less risky than Yobit BitTokens. The crypto trades about -0.01 of its potential returns per unit of risk. The Yobit BitTokens USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  299  in Yobit BitTokens USD on December 17, 2017 and sell it today you would lose (54)  from holding Yobit BitTokens USD or give up 18.06% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Yobit BitTokens
0.37

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
0 

Risk-Adjusted Performance

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

Yobit BitTokens USD

  
15 

Risk-Adjusted Performance

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