Pair Correlation Between BitTrex Ethereum and Yobit Dogecoin

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.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 BitTrex Ethereum Classic USD  vs   Yobit Dogecoin USD

BitTrex

Ethereum Classic on BitTrex in USD
 33.1 
3.07  10.22%
Market Cap: 88.6 M

Yobit

Dogecoin on Yobit in USD
 0.0094 
0.00024  2.62%
Market Cap: 303.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 12.08 times less return on investment than Yobit Dogecoin. But when comparing it to its historical volatility, BitTrex Ethereum Classic USD is 1.25 times less risky than Yobit Dogecoin. It trades about 0.01 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  0.74  in Yobit Dogecoin USD on December 20, 2017 and sell it today you would earn a total of  0.2  from holding Yobit Dogecoin USD or generate 26.97% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Yobit Dogecoin
0.6

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 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.

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.

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum

Yobit Dogecoin USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

Yobit Dogecoin USD

Pair trading matchups for Yobit Dogecoin