Pair Correlation Between Coinbase Bitcoin and Yobit Waves

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

Coinbase

Bitcoin on Coinbase in USD
 18,602 
(747.72)  3.86%
Market Cap: 7461.7 B

Yobit

Waves on Yobit in USD
 15.7 
1.45  10.18%
Market Cap: 2.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 1.22 times less return on investment than Yobit Waves. In addition to that, Coinbase Bitcoin is 1.24 times more volatile than Yobit Waves USD. It trades about 0.36 of its total potential returns per unit of risk. Yobit Waves USD is currently generating about 0.54 per unit of volatility. If you would invest  500  in Yobit Waves USD on November 18, 2017 and sell it today you would earn a total of  1,000  from holding Yobit Waves USD or generate 200.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and Yobit Waves
0.93

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 Waves USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Waves 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 Waves. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Waves USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Yobit Waves 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 Waves USD

  
35 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 35 (%) of all global equities and portfolios over the last 30 days.