Correlation Analysis Between itBit Ethereum and Yobit Ethereum

This module allows you to analyze existing cross correlation between itBit Ethereum USD and Yobit Ethereum USD. You can compare the effects of market volatilities on itBit Ethereum and Yobit Ethereum 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 itBit Ethereum with a short position of Yobit Ethereum. See also your portfolio center. Please also check ongoing floating volatility patterns of itBit Ethereum and Yobit Ethereum.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

itBit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days itBit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather fragile fundamental drivers, itBit Ethereum exhibited solid returns over the last few months and may actually be approaching a breakup point.
Yobit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Yobit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Crypto's fundamental drivers remain rather sound which may send shares a bit higher in October 2019. The ongoing tumult may also be a sign of longer-term up-swing for the entity shareholders.

itBit Ethereum and Yobit Ethereum Volatility Contrast

itBit Ethereum USD  vs.  Yobit Ethereum USD

itBit

Ethereum on itBit in USD

 213.85 
(2.75)  1.27%
Market Cap: 138.1 M
  

Yobit

Ethereum on Yobit in USD

 223.87 
(2.17)  0.96%
Market Cap: 2.1 M
(10.02)
4.69% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, itBit Ethereum USD is expected to generate 0.6 times more return on investment than Yobit Ethereum. However, itBit Ethereum USD is 1.66 times less risky than Yobit Ethereum. It trades about 0.71 of its potential returns per unit of risk. Yobit Ethereum USD is currently generating about -0.71 per unit of risk. If you would invest  21,660  in itBit Ethereum USD on August 22, 2019 and sell it today you would earn a total of  125.00  from holding itBit Ethereum USD or generate 0.58% return on investment over 30 days.

Pair Corralation between itBit Ethereum and Yobit Ethereum

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for itBit Ethereum and Yobit Ethereum

itBit Ethereum USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding itBit Ethereum USD and Yobit Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Ethereum USD and itBit Ethereum 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 itBit Ethereum USD are associated (or correlated) with Yobit Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Ethereum USD has no effect on the direction of itBit Ethereum i.e. itBit Ethereum and Yobit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.


 
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