Correlation Analysis Between coinfield Ethereum and Yobit Ethereum

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

Comparative Performance

coinfield Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days coinfield 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.
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.

coinfield Ethereum and Yobit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

coinfield Ethereum USD  vs.  Yobit Ethereum USD

coinfield

Ethereum on coinfield in USD

 193.20 
1.95  1.02%
Market Cap: 2.6 M
  

Yobit

Ethereum on Yobit in USD

 200.00 
0.90  0.45%
Market Cap: 9.3 M
(6.80)
3.52% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, coinfield Ethereum USD is expected to under-perform the Yobit Ethereum. In addition to that, coinfield Ethereum is 1.17 times more volatile than Yobit Ethereum USD. It trades about -0.15 of its total potential returns per unit of risk. Yobit Ethereum USD is currently generating about -0.16 per unit of volatility. If you would invest  31,500  in Yobit Ethereum USD on July 24, 2019 and sell it today you would lose (11,380)  from holding Yobit Ethereum USD or give up 36.13% of portfolio value over 30 days.

Pair Corralation between coinfield Ethereum and Yobit Ethereum

0.99
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for coinfield Ethereum and Yobit Ethereum

coinfield Ethereum USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding coinfield 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 coinfield 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 coinfield 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 coinfield Ethereum i.e. coinfield Ethereum and Yobit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .


 
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