Pair Correlation Between Yobit PoSWallet and Coinbase Bitcoin

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

Yobit

PoSWallet on Yobit in USD
 0.65 
(0.25)  27.78%
Market Cap: 62.0

Coinbase

Bitcoin on Coinbase in USD
 11,410 
(1,189)  9.44%
Market Cap: 1659.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit PoSWallet USD is expected to generate 3.54 times more return on investment than Coinbase Bitcoin. However, Yobit PoSWallet is 3.54 times more volatile than Coinbase Bitcoin USD. It trades about 0.15 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.06 per unit of risk. If you would invest  60  in Yobit PoSWallet USD on December 22, 2017 and sell it today you would earn a total of  5  from holding Yobit PoSWallet USD or generate 8.33% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit PoSWallet and Coinbase Bitcoin
0.19

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit PoSWallet 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 PoSWallet 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 PoSWallet 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 PoSWallet i.e. Yobit PoSWallet and Coinbase Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit PoSWallet USD

  
9 

Risk-Adjusted Performance

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

Yobit PoSWallet USD

Pair trading matchups for Yobit PoSWallet

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.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin