Correlation Analysis Between Yobit Bitcoin and BitBay Bitcoin

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

Yobit Bitcoin USD  vs.  BitBay Bitcoin USD

Yobit

Bitcoin on Yobit in USD
 7,455 
60.28  0.82%
Market Cap: 1.7 B
  

BitBay

Bitcoin on BitBay in USD
 7,117 
140.00  1.93%
Market Cap: 238.7 K
 338.44 
4.54% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Bitcoin is expected to generate 1.03 times less return on investment than BitBay Bitcoin. But when comparing it to its historical volatility, Yobit Bitcoin USD is 1.13 times less risky than BitBay Bitcoin. It trades about 0.25 of its potential returns per unit of risk. BitBay Bitcoin USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  606,595  in BitBay Bitcoin USD on June 21, 2018 and sell it today you would earn a total of  105,105  from holding BitBay Bitcoin USD or generate 17.33% return on investment over 30 days.

Pair Corralation between Yobit Bitcoin and BitBay Bitcoin

0.81
Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Bitcoin USD  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitcoin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

Yobit Bitcoin USD

Pair trading matchups for Yobit Bitcoin
BitBay Bitcoin USD  
15 

Risk-Adjusted Performance

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

BitBay Bitcoin USD

Pair trading matchups for BitBay Bitcoin

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$0.0
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