Pair Correlation Between Coinbase Bitcoin and Yobit TekCoin

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

Coinbase

Bitcoin on Coinbase in USD
 11,395 
55  0.48%
Market Cap: 1659.4 B

Yobit

TekCoin on Yobit in USD
 0.00037 
0.000091  32.62%
Market Cap: 243
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit TekCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 18.43 times less risky than Yobit TekCoin. The crypto trades about -0.12 of its potential returns per unit of risk. The Yobit TekCoin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit TekCoin USD on December 20, 2017 and sell it today you would earn a total of  0.03  from holding Yobit TekCoin USD or generate 760.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit TekCoin
0.33

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Weak diversification

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

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit TekCoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit TekCoin USD

Pair trading matchups for Yobit TekCoin