Pair Correlation Between Coinbase Bitcoin and Yobit Bitcloud

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

Coinbase

Bitcoin on Coinbase in USD
 11,087 
8.66  0.078%
Market Cap: 1783.9 B

Yobit

Bitcloud on Yobit in USD
 0.033 
0.008  19.51%
Market Cap: 9.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.27 times more return on investment than Yobit Bitcloud. However, Coinbase Bitcoin USD is 3.72 times less risky than Yobit Bitcloud. It trades about 0.02 of its potential returns per unit of risk. Yobit Bitcloud USD is currently generating about -0.05 per unit of risk. If you would invest  1,134,208  in Coinbase Bitcoin USD on January 20, 2018 and sell it today you would lose (12,992)  from holding Coinbase Bitcoin USD or give up 1.15% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit Bitcloud
0.22

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

Yobit Bitcloud USD

  
0 

Risk-Adjusted Performance

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