Correlation Analysis Between BitTrex Ethereum and Yobit Waves

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

BitTrex Ethereum Classic USD  vs.  Yobit Waves USD

BitTrex

Ethereum Classic on BitTrex in USD

 9.47 
0.01  0.11%
Market Cap: 11.4 K
  

Yobit

Waves on Yobit in USD

 2.06 
0.03  1.44%
Market Cap: 843
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum Classic USD is expected to generate 1.29 times more return on investment than Yobit Waves. However, BitTrex Ethereum is 1.29 times more volatile than Yobit Waves USD. It trades about -0.08 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.15 per unit of risk. If you would invest  1,068  in BitTrex Ethereum Classic USD on September 19, 2018 and sell it today you would lose (122.00)  from holding BitTrex Ethereum Classic USD or give up 11.42% of portfolio value over 30 days.

Pair Corralation between BitTrex Ethereum and Yobit Waves

0.83
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy74.19%
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 Waves USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Waves 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 Waves. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Waves USD has no effect on the direction of BitTrex Ethereum i.e. BitTrex Ethereum and Yobit Waves 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 Waves USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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