Pair Correlation Between Coinbase Bitcoin and Yobit EGOcoin

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

Coinbase

Bitcoin on Coinbase in USD
 11,743 
(855.93)  6.79%
Market Cap: 1659.4 B

Yobit

EGOcoin on Yobit in USD
 0.002 
(0.00007)  3.38%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit EGOcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 23.1 times less risky than Yobit EGOcoin. The crypto trades about -0.06 of its potential returns per unit of risk. The Yobit EGOcoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.38  in Yobit EGOcoin USD on December 22, 2017 and sell it today you would lose (0.18)  from holding Yobit EGOcoin USD or give up 46.95% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit EGOcoin
0.02

Parameters

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

Diversification

Significant diversification

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

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EGOcoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Yobit EGOcoin USD

Pair trading matchups for Yobit EGOcoin