Pair Correlation Between BitTrex Ethereum and Yobit Ethereum

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

BitTrex

Ethereum on BitTrex in USD
 580 
51  9.64%
Market Cap: 893.2 M
(12)

Yobit

Ethereum on Yobit in USD
 592 
57  10.65%
Market Cap: 508.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 1.23 times less return on investment than Yobit Ethereum. But when comparing it to its historical volatility, BitTrex Ethereum USD is 1.07 times less risky than Yobit Ethereum. It trades about 0.31 of its potential returns per unit of risk. Yobit Ethereum USD is currently generating about 0.36 of returns per unit of risk over similar time horizon. If you would invest  32,340  in Yobit Ethereum USD on November 12, 2017 and sell it today you would earn a total of  28,252  from holding Yobit Ethereum USD or generate 87.36% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and Yobit Ethereum
0.9

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

Yobit Ethereum USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Ethereum USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.