Pair Correlation Between Coinbase Bitcoin and Yobit B3

This module allows you to analyze existing cross correlation between Coinbase Bitcoin USD and Yobit B3 Coin USD. You can compare the effects of market volatilities on Coinbase Bitcoin and Yobit B3 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 Yobit B3. See also your portfolio center. Please also check ongoing floating volatility patterns of Coinbase Bitcoin and Yobit B3.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Coinbase Bitcoin USD  vs   Yobit B3 Coin USD

Coinbase

Bitcoin on Coinbase in USD
 18,793 
(606.06)  3.12%
Market Cap: 7461.7 B

Yobit

B3 Coin on Yobit in USD
 0.00048 
0.00001  2.13%
Market Cap: 45.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.28 times less return on investment than Yobit B3. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 3.4 times less risky than Yobit B3. It trades about 0.37 of its potential returns per unit of risk. Yobit B3 Coin USD is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest  0.04  in Yobit B3 Coin USD on November 17, 2017 and sell it today you would lose  0.00  from holding Yobit B3 Coin USD or give up 2.44% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit B3
-0.17

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Coinbase Bitcoin USD and Yobit B3 Coin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit B3 Coin 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 Yobit B3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit B3 Coin has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Yobit B3 go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

Yobit B3 Coin

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit B3 Coin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.