Correlation Analysis Between Coinbase Bitcoin and Yobit Reddcoin

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

Coinbase Bitcoin USD  vs.  Yobit Reddcoin USD

Coinbase

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

Yobit

Reddcoin on Yobit in USD
 0.004349 
0.000135  3.20%
Market Cap: 120
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.7 times more return on investment than Yobit Reddcoin. However, Coinbase Bitcoin USD is 1.43 times less risky than Yobit Reddcoin. It trades about -0.06 of its potential returns per unit of risk. Yobit Reddcoin USD is currently generating about -0.35 per unit of risk. If you would invest  671,472  in Coinbase Bitcoin USD on June 16, 2018 and sell it today you would lose (36,391)  from holding Coinbase Bitcoin USD or give up 5.42% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit Reddcoin

0.43
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
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Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1188.82

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