Pair Correlation Between Coinbase Bitcoin and Yobit Waves

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

Coinbase

Bitcoin on Coinbase in USD
 11,749 
268.59  2.34%
Market Cap: 1659.4 B

Yobit

Waves on Yobit in USD
 9.8 
0.42  4.48%
Market Cap: 659.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 1.08 times more return on investment than Yobit Waves. However, Coinbase Bitcoin is 1.08 times more volatile than Yobit Waves USD. It trades about -0.11 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.17 per unit of risk. If you would invest  1,695,881  in Coinbase Bitcoin USD on December 19, 2017 and sell it today you would lose (547,882)  from holding Coinbase Bitcoin USD or give up 32.31% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit Waves
0.73

Parameters

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 Waves USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Waves 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 Waves. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Waves USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Yobit Waves 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 Waves USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.