Pair Correlation Between BitTrex Ethereum and Yobit Decred

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

BitTrex

Ethereum Classic on BitTrex in USD
 33.95 
(1.2)  3.41%
Market Cap: 88.6 M

Yobit

Decred on Yobit in USD
 111 
(6.43)  5.48%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.24 times less return on investment than Yobit Decred. In addition to that, BitTrex Ethereum is 1.18 times more volatile than Yobit Decred USD. It trades about 0.1 of its total potential returns per unit of risk. Yobit Decred USD is currently generating about 0.15 per unit of volatility. If you would invest  8,700  in Yobit Decred USD on December 21, 2017 and sell it today you would earn a total of  3,043  from holding Yobit Decred USD or generate 34.98% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Yobit Decred
0.84

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum

Yobit Decred USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

Pair trading matchups for Yobit Decred