Pair Correlation Between Yobit BitCrystal and Coinbase Bitcoin

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

Yobit

BitCrystal on Yobit in USD
 0.00042 
0.00009  27.27%
Market Cap: 78.0

Coinbase

Bitcoin on Coinbase in USD
 16,700 
(217.98)  1.29%
Market Cap: 7429.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitCrystal USD is expected to generate 10.33 times more return on investment than Coinbase Bitcoin. However, Yobit BitCrystal is 10.33 times more volatile than Coinbase Bitcoin USD. It trades about 0.2 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.37 per unit of risk. If you would invest  0.1  in Yobit BitCrystal USD on November 13, 2017 and sell it today you would lose (0.06)  from holding Yobit BitCrystal USD or give up 65.0% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BitCrystal and Coinbase Bitcoin
0.09

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit BitCrystal 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 BitCrystal 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 BitCrystal 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 BitCrystal i.e. Yobit BitCrystal and Coinbase Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BitCrystal USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitCrystal USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

  
24 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 24 (%) of all global equities and portfolios over the last 30 days.

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin