Correlation Analysis Between LocalBitcoins Bitcoin and Yobit Ethereum

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

Comparative Performance

LocalBitcoins Bitcoin USD  
10

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LocalBitcoins Bitcoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.
Yobit Ethereum Classic  
0

Risk-Adjusted Performance

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

LocalBitcoins Bitcoin and Yobit Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

LocalBitcoins Bitcoin USD  vs.  Yobit Ethereum Classic USD

LocalBitcoins

Bitcoin on LocalBitcoins in USD

 5,752 
251.57  4.57%
Market Cap: 1.2 B
  

Yobit

Ethereum Classic on Yobit in USD

 3.89 
0.13  3.46%
Market Cap: 2 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, LocalBitcoins Bitcoin USD is expected to generate 7.17 times more return on investment than Yobit Ethereum. However, LocalBitcoins Bitcoin is 7.17 times more volatile than Yobit Ethereum Classic USD. It trades about 0.16 of its potential returns per unit of risk. Yobit Ethereum Classic USD is currently generating about -0.41 per unit of risk. If you would invest  632,050  in LocalBitcoins Bitcoin USD on November 19, 2018 and sell it today you would lose (82,050)  from holding LocalBitcoins Bitcoin USD or give up 12.98% of portfolio value over 30 days.

Pair Corralation between LocalBitcoins Bitcoin and Yobit Ethereum

0.56
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy97.62%
ValuesDaily Returns

Diversification Opportunities for LocalBitcoins Bitcoin and Yobit Ethereum

LocalBitcoins Bitcoin USD diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding LocalBitcoins Bitcoin USD and Yobit Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Ethereum Classic and LocalBitcoins 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 LocalBitcoins Bitcoin 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 Classic has no effect on the direction of LocalBitcoins Bitcoin i.e. LocalBitcoins Bitcoin and Yobit Ethereum go up and down completely randomly.

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