Pair Correlation Between Kraken Bitcoin and Yobit Bitcoin

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

Kraken

Bitcoin on Kraken in USD
 17,029 
120.6  0.71%
Market Cap: 771.3 B
 278.7 

Yobit

Bitcoin on Yobit in USD
 16,750 
90  0.54%
Market Cap: 252 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Kraken Bitcoin USD is expected to generate 0.86 times more return on investment than Yobit Bitcoin. However, Kraken Bitcoin USD is 1.16 times less risky than Yobit Bitcoin. It trades about 0.49 of its potential returns per unit of risk. Yobit Bitcoin USD is currently generating about 0.39 per unit of risk. If you would invest  655,000  in Kraken Bitcoin USD on November 13, 2017 and sell it today you would earn a total of  1,036,300  from holding Kraken Bitcoin USD or generate 158.21% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Kraken Bitcoin and Yobit Bitcoin
0.94

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Kraken Bitcoin USD

  
32 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Kraken Bitcoin USD are ranked lower than 32 (%) of all global equities and portfolios over the last 30 days.

Kraken Bitcoin USD

Pair trading matchups for Kraken Bitcoin

Yobit Bitcoin USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitcoin USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Yobit Bitcoin USD

Pair trading matchups for Yobit Bitcoin