Pair Correlation Between Yobit Dogecoin and Coinbase Bitcoin

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

Yobit Dogecoin USD  vs.  Coinbase Bitcoin USD

Yobit

Dogecoin on Yobit in USD
 0.005093 
0.00074  12.69%
Market Cap: 42.6 K
  

Coinbase

Bitcoin on Coinbase in USD
 8,970 
517.56  5.46%
Market Cap: 1187.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to under-perform the Coinbase Bitcoin. In addition to that, Yobit Dogecoin is 1.38 times more volatile than Coinbase Bitcoin USD. It trades about -0.03 of its total potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.0 per unit of volatility. If you would invest  955,000  in Coinbase Bitcoin USD on March 26, 2018 and sell it today you would lose (64,798)  from holding Coinbase Bitcoin USD or give up 6.79% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and Coinbase Bitcoin

0.7
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
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.
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

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

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