Correlation Analysis Between Coinbase Ethereum and Yobit Ethereum

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

Comparative Performance

Coinbase Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Coinbase Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of weak performance in the last few months, the Crypto's forward-looking signals remain relatively invariable which may send shares a bit higher in September 2019. The latest agitation may also be a sign of long running up-swing for the entity management.
Yobit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Yobit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in September 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

Coinbase Ethereum and Yobit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Coinbase Ethereum USD  vs.  Yobit Ethereum USD

Coinbase

Ethereum on Coinbase in USD

 189.33 
0.69  0.37%
Market Cap: 2.7 B
  

Yobit

Ethereum on Yobit in USD

 199.10 
0.66  0.33%
Market Cap: 9.3 M
(9.77)
5.16% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Ethereum USD is expected to generate 1.1 times more return on investment than Yobit Ethereum. However, Coinbase Ethereum is 1.1 times more volatile than Yobit Ethereum USD. It trades about -0.14 of its potential returns per unit of risk. Yobit Ethereum USD is currently generating about -0.2 per unit of risk. If you would invest  29,647  in Coinbase Ethereum USD on July 26, 2019 and sell it today you would lose (10,714)  from holding Coinbase Ethereum USD or give up 36.14% of portfolio value over 30 days.

Pair Corralation between Coinbase Ethereum and Yobit Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Coinbase Ethereum and Yobit Ethereum

Coinbase Ethereum USD diversification synergy

No risk reduction

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