Correlation Analysis Between Yobit Dogecoin and BitTrex Ethereum

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

Comparative Performance

Yobit Dogecoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
BitTrex Ethereum Cla  
0

Risk-Adjusted Performance

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

Yobit Dogecoin and BitTrex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Dogecoin USD  vs.  BitTrex Ethereum Classic USD

Yobit

Dogecoin on Yobit in USD

 0.002293 
0.000043  1.91%
Market Cap: 3.6 K
  

BitTrex

Ethereum Classic on BitTrex in USD

 4.25 
(0.03)  0.70%
Market Cap: 23.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 0.77 times more return on investment than BitTrex Ethereum. However, Yobit Dogecoin USD is 1.3 times less risky than BitTrex Ethereum. It trades about -0.04 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.06 per unit of risk. If you would invest  0.26  in Yobit Dogecoin USD on December 17, 2018 and sell it today you would lose (0.03)  from holding Yobit Dogecoin USD or give up 11.02% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and BitTrex Ethereum

0.77
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Dogecoin and BitTrex Ethereum

Yobit Dogecoin USD diversification synergy

Poor diversification

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

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