Correlation Analysis Between Cexio Ethereum and Yobit Dogecoin

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

Cexio Ethereum USD  vs.  Yobit Dogecoin USD

Cexio

Ethereum on Cexio in USD
 460.39 
6.00  1.29%
Market Cap: 859.5 M
  

Yobit

Dogecoin on Yobit in USD
 0.003877 
0.000048  1.25%
Market Cap: 21.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum USD is expected to under-perform the Yobit Dogecoin. But the crypto apears to be less risky and, when comparing its historical volatility, Cexio Ethereum USD is 1.56 times less risky than Yobit Dogecoin. The crypto trades about -0.09 of its potential returns per unit of risk. The Yobit Dogecoin USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  0.31  in Yobit Dogecoin USD on June 19, 2018 and sell it today you would earn a total of  0.08  from holding Yobit Dogecoin USD or generate 27.11% return on investment over 30 days.

Pair Corralation between Cexio Ethereum and Yobit Dogecoin

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 Cexio Ethereum USD and Yobit Dogecoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Dogecoin 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 Dogecoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Dogecoin USD has no effect on the direction of Cexio Ethereum i.e. Cexio Ethereum and Yobit Dogecoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Cexio Ethereum USD  
0 

Risk-Adjusted Performance

Over the last 30 days Cexio Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Dogecoin USD  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

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