Pair Correlation Between Yobit Decred and Cexio Ethereum

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

Yobit

Decred on Yobit in USD
 100 
(9.86)  8.98%
Market Cap: 427.8 K

Cexio

Ethereum on Cexio in USD
 1,165 
25.62  2.25%
Market Cap: 7.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred is expected to generate 1.63 times less return on investment than Cexio Ethereum. But when comparing it to its historical volatility, Yobit Decred USD is 1.08 times less risky than Cexio Ethereum. It trades about 0.09 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  88,000  in Cexio Ethereum USD on December 21, 2017 and sell it today you would earn a total of  25,940  from holding Cexio Ethereum USD or generate 29.48% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Decred and Cexio Ethereum
0.63

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Decred USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

Pair trading matchups for Yobit Decred

Cexio Ethereum USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum