Pair Correlation Between Yobit Ethereum and Coinbase Ethereum

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

Yobit

Ethereum on Yobit in USD
 472.9 
22.9  5.09%
Market Cap: 508.7 K
(4.3)

Coinbase

Ethereum on Coinbase in USD
 477.2 
30.3  6.78%
Market Cap: 24.9 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Ethereum is expected to generate 1.1 times less return on investment than Coinbase Ethereum. In addition to that, Yobit Ethereum is 1.05 times more volatile than Coinbase Ethereum USD. It trades about 0.29 of its total potential returns per unit of risk. Coinbase Ethereum USD is currently generating about 0.33 per unit of volatility. If you would invest  30,760  in Coinbase Ethereum USD on November 11, 2017 and sell it today you would earn a total of  16,960  from holding Coinbase Ethereum USD or generate 55.14% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Ethereum and Coinbase Ethereum
0.89

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Ethereum USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Ethereum USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Coinbase Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Ethereum USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.