Correlation Analysis Between Bitstamp Ethereum and Yobit Universal

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

Comparative Performance

Bitstamp Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Bitstamp Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Universal Curr  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Universal Currency USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Bitstamp Ethereum and Yobit Universal Volatility Contrast

 Predicted Return Density 
      Returns 

Bitstamp Ethereum USD  vs.  Yobit Universal Currency USD

Bitstamp

Ethereum on Bitstamp in USD

 84.79 
(3.23)  3.67%
Market Cap: 52.2 M
  

Yobit

Universal Currency on Yobit in USD

 0.02854 
0.00574  25.18%
Market Cap: 147
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitstamp Ethereum USD is expected to under-perform the Yobit Universal. But the crypto apears to be less risky and, when comparing its historical volatility, Bitstamp Ethereum USD is 2.11 times less risky than Yobit Universal. The crypto trades about -0.3 of its potential returns per unit of risk. The Yobit Universal Currency USD is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest  7.29  in Yobit Universal Currency USD on November 13, 2018 and sell it today you would lose (4.44)  from holding Yobit Universal Currency USD or give up 60.85% of portfolio value over 30 days.

Pair Corralation between Bitstamp Ethereum and Yobit Universal

0.89
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy97.73%
ValuesDaily Returns

Diversification Opportunities for Bitstamp Ethereum and Yobit Universal

Bitstamp Ethereum USD diversification synergy

Very poor diversification

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

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