Pair Correlation Between Cexio Ethereum and Yobit Ethereum

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

Cexio

Ethereum on Cexio in USD
 730 
87.33  13.59%
Market Cap: 1.8 B
 30.4 

Yobit

Ethereum on Yobit in USD
 699.6 
66.25  10.46%
Market Cap: 508.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 1.04 times less return on investment than Yobit Ethereum. But when comparing it to its historical volatility, Cexio Ethereum USD is 1.14 times less risky than Yobit Ethereum. It trades about 0.43 of its potential returns per unit of risk. Yobit Ethereum USD is currently generating about 0.4 of returns per unit of risk over similar time horizon. If you would invest  32,526  in Yobit Ethereum USD on November 13, 2017 and sell it today you would earn a total of  36,336  from holding Yobit Ethereum USD or generate 111.71% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Yobit Ethereum
0.91

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 Cexio 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 Cexio 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 Cexio 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 Cexio Ethereum i.e. Cexio Ethereum and Yobit Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

Yobit Ethereum USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Ethereum USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.