Correlation Analysis Between Coinbase Bitcoin and Yobit Influxcoin

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

Comparative Performance

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.
Yobit Influxcoin USD  
1

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Influxcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin and Yobit Influxcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD  vs.  Yobit Influxcoin USD

Coinbase

Bitcoin on Coinbase in USD

 3,600 
(70.99)  1.93%
Market Cap: 72.7 B
  

Yobit

Influxcoin on Yobit in USD

 0.003 
0.00  0.00%
Market Cap: 14.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit Influxcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 9.0 times less risky than Yobit Influxcoin. The crypto trades about -0.13 of its potential returns per unit of risk. The Yobit Influxcoin USD is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest  2.70  in Yobit Influxcoin USD on December 17, 2018 and sell it today you would lose (2.40)  from holding Yobit Influxcoin USD or give up 88.89% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit Influxcoin

0.74
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Coinbase Bitcoin and Yobit Influxcoin

Coinbase Bitcoin USD diversification synergy

Poor diversification

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

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