Pair Correlation 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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Coinbase Bitcoin USD  vs   Yobit ClubCoin USD

Coinbase

Bitcoin on Coinbase in USD
 19,027 
(322.52)  1.67%
Market Cap: 7461.7 B

Yobit

ClubCoin on Yobit in USD
 3.29 
(0.06)  1.79%
Market Cap: 5.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 3.67 times less return on investment than Yobit ClubCoin. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 7.2 times less risky than Yobit ClubCoin. It trades about 0.36 of its potential returns per unit of risk. Yobit ClubCoin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  312  in Yobit ClubCoin USD on November 18, 2017 and sell it today you would earn a total of  23  from holding Yobit ClubCoin USD or generate 7.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit ClubCoin
-0.53

Parameters

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

Diversification

Excellent 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

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.

Yobit ClubCoin USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ClubCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.