Correlation Analysis Between Coinbase Bitcoin and Yobit ClubCoin

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

Coinbase Bitcoin USD  vs.  Yobit ClubCoin USD

Coinbase

Bitcoin on Coinbase in USD
 6,459 
108.18  1.70%
Market Cap: 139.3 B
  

Yobit

ClubCoin on Yobit in USD
 0.76 
0.26  51.06%
Market Cap: 64.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the Yobit ClubCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 8.63 times less risky than Yobit ClubCoin. The crypto trades about -0.06 of its potential returns per unit of risk. The Yobit ClubCoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  44.78  in Yobit ClubCoin USD on June 16, 2018 and sell it today you would earn a total of  30.75  from holding Yobit ClubCoin USD or generate 68.67% return on investment over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit ClubCoin

0.06
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin
Yobit ClubCoin USD  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ClubCoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1188.82

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See also your portfolio center. Please also try Price Transformation module to use price transformation models to analyze depth of different equity instruments across global markets.