Pair Correlation Between Coinbase Bitcoin and CCEX YoCoin

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

Coinbase

Bitcoin on Coinbase in USD
 16,664 
(57.51)  0.34%
Market Cap: 7429.6 B

CCEX

YoCoin on CCEX in USD
 0.03669 
0.00759  26.08%
Market Cap: 67.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.23 times less return on investment than CCEX YoCoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 3.95 times less risky than CCEX YoCoin. It trades about 0.43 of its potential returns per unit of risk. CCEX YoCoin USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  3.26  in CCEX YoCoin USD on November 11, 2017 and sell it today you would earn a total of  0.41  from holding CCEX YoCoin USD or generate 12.68% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and CCEX YoCoin
-0.01

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

CCEX YoCoin USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX YoCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.