Correlation Analysis Between Yobit Ethereum and Bitfinex Ethereum

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

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.
Bitfinex Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex 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 and Bitfinex Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Ethereum USD  vs.  Bitfinex Ethereum USD

Yobit

Ethereum on Yobit in USD

 197.77 
(4.77)  2.36%
Market Cap: 9.3 M
  

Bitfinex

Ethereum on Bitfinex in USD

 184.69 
(0.77)  0.42%
Market Cap: 2.2 B
 13.08 
6.61% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Ethereum USD is expected to generate 0.92 times more return on investment than Bitfinex Ethereum. However, Yobit Ethereum USD is 1.09 times less risky than Bitfinex Ethereum. It trades about -0.16 of its potential returns per unit of risk. Bitfinex Ethereum USD is currently generating about -0.18 per unit of risk. If you would invest  31,500  in Yobit Ethereum USD on July 22, 2019 and sell it today you would lose (11,246)  from holding Yobit Ethereum USD or give up 35.7% of portfolio value over 30 days.

Pair Corralation between Yobit Ethereum and Bitfinex Ethereum

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

Diversification Opportunities for Yobit Ethereum and Bitfinex Ethereum

Yobit Ethereum USD diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Ethereum USD and Bitfinex Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex Ethereum USD and Yobit 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 Yobit Ethereum USD are associated (or correlated) with Bitfinex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Ethereum USD has no effect on the direction of Yobit Ethereum i.e. Yobit Ethereum and Bitfinex Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.


 
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