Correlation Analysis Between Coinbase Bitcoin and Yobit Dogecoin

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

Coinbase Bitcoin USD  vs.  Yobit Dogecoin USD

Coinbase

Bitcoin on Coinbase in USD
 7,434 
77.83  1.06%
Market Cap: 139.3 B
  

Yobit

Dogecoin on Yobit in USD
 0.003326 
0.00018  5.72%
Market Cap: 21.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.33 times less return on investment than Yobit Dogecoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 1.6 times less risky than Yobit Dogecoin. It trades about 0.11 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  0.30  in Yobit Dogecoin USD on June 18, 2018 and sell it today you would earn a total of  0.03  from holding Yobit Dogecoin USD or generate 9.95% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit Dogecoin

0.77
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
Yobit Dogecoin USD  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.