Pair Correlation Between Coinbase Bitcoin and Yobit TittieCoin

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

Coinbase

Bitcoin on Coinbase in USD
 11,944 
(1,944)  14%
Market Cap: 1659.4 B

Yobit

TittieCoin on Yobit in USD
 0.00133 
(0.00037)  21.76%
Market Cap: 657
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit TittieCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 15.7 times less risky than Yobit TittieCoin. The crypto trades about -0.12 of its potential returns per unit of risk. The Yobit TittieCoin USD is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest  0.04  in Yobit TittieCoin USD on December 17, 2017 and sell it today you would earn a total of  0.1  from holding Yobit TittieCoin USD or generate 254.67% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit TittieCoin
-0.11

Parameters

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

Diversification

Good diversification

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

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit TittieCoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.