Pair Correlation Between Yobit Aircoin and BitTrex Ethereum

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

Yobit

Aircoin on Yobit in USD
 0.0001469 
0.0000369  33.55%
Market Cap: 15.0

BitTrex

Ethereum Classic on BitTrex in USD
 30.8 
2.6  9.22%
Market Cap: 233.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Aircoin USD is expected to generate 8.45 times more return on investment than BitTrex Ethereum. However, Yobit Aircoin is 8.45 times more volatile than BitTrex Ethereum Classic USD. It trades about 0.16 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about 0.26 per unit of risk. If you would invest  0.02  in Yobit Aircoin USD on November 15, 2017 and sell it today you would lose (0.01)  from holding Yobit Aircoin USD or give up 26.55% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Aircoin and BitTrex Ethereum
-0.21

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Aircoin USD and BitTrex Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum Cla and Yobit Aircoin 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 Yobit Aircoin USD are associated (or correlated) with BitTrex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Ethereum Cla has no effect on the direction of Yobit Aircoin i.e. Yobit Aircoin and BitTrex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Aircoin USD

  
10 

Risk-Adjusted Performance

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

BitTrex Ethereum Cla

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.