Pair Correlation Between Coinbase Bitcoin and Yobit BitstarCoin

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

Coinbase Bitcoin USD  vs.  Yobit BitstarCoin USD

Coinbase

Bitcoin on Coinbase in USD
 8,637 
208.76  2.36%
Market Cap: 615.2 B
  

Yobit

BitstarCoin on Yobit in USD
 0.03304 
0.00304  10.13%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit BitstarCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 6.73 times less risky than Yobit BitstarCoin. The crypto trades about -0.04 of its potential returns per unit of risk. The Yobit BitstarCoin USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  3.18  in Yobit BitstarCoin USD on March 22, 2018 and sell it today you would earn a total of  0.12  from holding Yobit BitstarCoin USD or generate 3.9% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit BitstarCoin

0.55
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
Yobit BitstarCoin USD  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitstarCoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

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See also your portfolio center. Please also try Pattern Recognition module to use different pattern recognition models to time the market across multiple global exchanges.