Pair Correlation Between Cexio Ethereum and Yobit SpaceCoin

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

Cexio

Ethereum on Cexio in USD
 1,218 
79.1  6.94%
Market Cap: 7.8 B

Yobit

SpaceCoin on Yobit in USD
 0.02389 
0.00919  62.52%
Market Cap: 558
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 41.09 times less return on investment than Yobit SpaceCoin. But when comparing it to its historical volatility, Cexio Ethereum USD is 22.07 times less risky than Yobit SpaceCoin. It trades about 0.16 of its potential returns per unit of risk. Yobit SpaceCoin USD is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest  0.2  in Yobit SpaceCoin USD on December 21, 2017 and sell it today you would earn a total of  3.77  from holding Yobit SpaceCoin USD or generate 1885.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Yobit SpaceCoin
0.23

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum

Yobit SpaceCoin USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SpaceCoin USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.

Yobit SpaceCoin USD

Pair trading matchups for Yobit SpaceCoin