Pair Correlation Between Cexio Ethereum and Yobit Decred

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

Cexio

Ethereum on Cexio in USD
 1,182 
42.11  3.7%
Market Cap: 7.8 B

Yobit

Decred on Yobit in USD
 110.24 
0.38  0.35%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to generate 1.08 times more return on investment than Yobit Decred. However, Cexio Ethereum is 1.08 times more volatile than Yobit Decred USD. It trades about 0.14 of its potential returns per unit of risk. Yobit Decred USD is currently generating about 0.09 per unit of risk. If you would invest  88,000  in Cexio Ethereum USD on December 21, 2017 and sell it today you would earn a total of  25,940  from holding Cexio Ethereum USD or generate 29.48% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and Yobit Decred
0.63

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
9 

Risk-Adjusted Performance

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

Cexio Ethereum USD

Pair trading matchups for Cexio Ethereum

Yobit Decred USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

Pair trading matchups for Yobit Decred