Pair Correlation Between Coinbase Bitcoin and Yobit BitCrystal

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

Coinbase

Bitcoin on Coinbase in USD
 17,715 
15.41  0.0871%
Market Cap: 7461.7 B

Yobit

BitCrystal on Yobit in USD
 0.00042 
0.00009  27.27%
Market Cap: 78.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 6.8 times less return on investment than Yobit BitCrystal. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 10.67 times less risky than Yobit BitCrystal. It trades about 0.33 of its potential returns per unit of risk. Yobit BitCrystal USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  0.1  in Yobit BitCrystal USD on November 15, 2017 and sell it today you would lose (0.06)  from holding Yobit BitCrystal USD or give up 58.0% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit BitCrystal
0.14

Parameters

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

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.

Yobit BitCrystal USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitCrystal USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.