Correlation Analysis Between Bitfinex Bitcoin and Yobit Bitcoin

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

Comparative Performance

Bitfinex Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Bitfinex Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest weak performance, the Crypto's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the entity shareholders.
Yobit Bitcoin USD  
00

Risk-Adjusted Performance

Over the last 30 days Yobit Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Crypto's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the entity investors.

Bitfinex Bitcoin and Yobit Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Bitcoin USD  vs.  Yobit Bitcoin USD

Bitfinex

Bitcoin on Bitfinex in USD

 9,939 
(150.90)  1.50%
Market Cap: 1774.3 B
  

Yobit

Bitcoin on Yobit in USD

 10,537 
(53.40)  0.50%
Market Cap: 3.3 B
(597.81)
6.01% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Bitcoin USD is expected to under-perform the Yobit Bitcoin. In addition to that, Bitfinex Bitcoin is 1.3 times more volatile than Yobit Bitcoin USD. It trades about -0.03 of its total potential returns per unit of risk. Yobit Bitcoin USD is currently generating about -0.04 per unit of volatility. If you would invest  1,188,000  in Yobit Bitcoin USD on July 22, 2019 and sell it today you would lose (134,309)  from holding Yobit Bitcoin USD or give up 11.31% of portfolio value over 30 days.

Pair Corralation between Bitfinex Bitcoin and Yobit Bitcoin

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Bitcoin and Yobit Bitcoin

Bitfinex Bitcoin USD diversification synergy

Very poor diversification

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