Correlation Analysis Between Cexio Ethereum and Yobit Waves

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

Comparative Performance

Cexio Ethereum USD  
3

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Yobit Waves USD  
19

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum and Yobit Waves Volatility Contrast

 Predicted Return Density 
      Returns 

Cexio Ethereum USD  vs.  Yobit Waves USD

Cexio

Ethereum on Cexio in USD

 116.50 
(1.32)  0.01%
Market Cap: 19.7 M
  

Yobit

Waves on Yobit in USD

 3.27 
0.10  0.03%
Market Cap: 39.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 9.44 times less return on investment than Yobit Waves. But when comparing it to its historical volatility, Cexio Ethereum USD is 1.86 times less risky than Yobit Waves. It trades about 0.06 of its potential returns per unit of risk. Yobit Waves USD is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest  106.00  in Yobit Waves USD on December 24, 2018 and sell it today you would earn a total of  221.00  from holding Yobit Waves USD or generate 208.49% return on investment over 30 days.

Pair Corralation between Cexio Ethereum and Yobit Waves

0.48
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.56%
ValuesDaily Returns

Diversification Opportunities for Cexio Ethereum and Yobit Waves

Cexio Ethereum USD diversification synergy

Very weak diversification

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

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