Correlation Analysis Between Yobit SpaceCoin and Coinbase Bitcoin

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

Yobit SpaceCoin USD  vs.  Coinbase Bitcoin USD

Yobit

SpaceCoin on Yobit in USD
 0.004501 
0.000051  1.15%
Market Cap: 0
  

Coinbase

Bitcoin on Coinbase in USD
 6,623 
22.28  0.34%
Market Cap: 159.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit SpaceCoin USD is expected to generate 10.77 times more return on investment than Coinbase Bitcoin. However, Yobit SpaceCoin is 10.77 times more volatile than Coinbase Bitcoin USD. It trades about 0.13 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.19 per unit of risk. If you would invest  0.46  in Yobit SpaceCoin USD on May 21, 2018 and sell it today you would lose (0.01)  from holding Yobit SpaceCoin USD or give up 2.34% of portfolio value over 30 days.

Pair Corralation between Yobit SpaceCoin and Coinbase Bitcoin

0.58
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit SpaceCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SpaceCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
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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Alphabet
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ExchangeNASDAQ
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See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.