Pair Correlation Between Yobit BiosCrypto and Coinbase Bitcoin

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

Yobit

BiosCrypto on Yobit in USD
 0.000978 
(0.008822)  90.02%
Market Cap: 0

Coinbase

Bitcoin on Coinbase in USD
 17,715 
15.41  0.0871%
Market Cap: 7461.7 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BiosCrypto USD is expected to generate 23.1 times more return on investment than Coinbase Bitcoin. However, Yobit BiosCrypto is 23.1 times more volatile than Coinbase Bitcoin USD. It trades about 0.23 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.33 per unit of risk. If you would invest  0.00  in Yobit BiosCrypto USD on November 15, 2017 and sell it today you would earn a total of  0.98  from holding Yobit BiosCrypto USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BiosCrypto and Coinbase Bitcoin
0.26

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BiosCrypto USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BiosCrypto USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.