This module allows you to analyze existing cross correlation between BitTrex Ethereum Classic USD and Yobit Dogecoin USD. You can compare the effects of market volatilities on BitTrex Ethereum and Yobit Dogecoin 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 Dogecoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of BitTrex Ethereum
and Yobit Dogecoin
Over the last 30 days BitTrex Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
BitTrex Ethereum and Yobit Dogecoin Volatility Contrast
BitTrex Ethereum Classic USD vs. Yobit Dogecoin USD
Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to under-perform the Yobit Dogecoin. In addition to that, BitTrex Ethereum is 1.31 times more volatile than Yobit Dogecoin USD. It trades about -0.08 of its total potential returns per unit of risk. Yobit Dogecoin USD is currently generating about -0.04 per unit of volatility. If you would invest 0.26 in Yobit Dogecoin USD on December 21, 2018 and sell it today you would lose (0.03) from holding Yobit Dogecoin USD or give up 12.05% of portfolio value over 30 days.
Pair Corralation between BitTrex Ethereum and Yobit Dogecoin
|Time Period||2 Months [change]|
Diversification Opportunities for BitTrex Ethereum and Yobit Dogecoin
Overlapping area represents the amount of risk that can be diversified away by holding BitTrex Ethereum Classic USD and Yobit Dogecoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Dogecoin 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 Dogecoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Dogecoin USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and Yobit Dogecoin go up and down completely randomly.