Pair Correlation Between Coinbase Bitcoin and Yobit SibCoin

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

Coinbase

Bitcoin on Coinbase in USD
 17,410 
610.01  3.63%
Market Cap: 7429.6 B

Yobit

SibCoin on Yobit in USD
 2.49 
0.14  5.96%
Market Cap: 2.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to generate 0.75 times more return on investment than Yobit SibCoin. However, Coinbase Bitcoin USD is 1.34 times less risky than Yobit SibCoin. It trades about 0.33 of its potential returns per unit of risk. Yobit SibCoin USD is currently generating about 0.21 per unit of risk. If you would invest  793,953  in Coinbase Bitcoin USD on November 15, 2017 and sell it today you would earn a total of  941,324  from holding Coinbase Bitcoin USD or generate 118.56% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit SibCoin
0.95

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

  
13 

Risk-Adjusted Performance

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