Correlation Analysis Between Coinbase Bitcoin and Yobit PetroDollar

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

Coinbase Bitcoin USD  vs.  Yobit PetroDollar USD

Coinbase

Bitcoin on Coinbase in USD

 6,364 
84.72  1.31%
Market Cap: 51.6 B
  

Yobit

PetroDollar on Yobit in USD

 0.01328 
0.02512  65.42%
Market Cap: 3.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin is expected to generate 136.75 times less return on investment than Yobit PetroDollar. But when comparing it to its historical volatility, Coinbase Bitcoin USD is 22.46 times less risky than Yobit PetroDollar. It trades about 0.02 of its potential returns per unit of risk. Yobit PetroDollar USD is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest  2.96  in Yobit PetroDollar USD on September 18, 2018 and sell it today you would lose (1.63)  from holding Yobit PetroDollar USD or give up 55.12% of portfolio value over 30 days.

Pair Corralation between Coinbase Bitcoin and Yobit PetroDollar

0.48
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 PetroDollar USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit PetroDollar 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 PetroDollar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit PetroDollar USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and Yobit PetroDollar go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Coinbase Bitcoin USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Yobit PetroDollar USD  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit PetroDollar USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
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