Correlation Analysis Between Yobit Bitcoin and Bitfinex Bitcoin

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

Comparative Performance

Yobit Bitcoin USD  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitcoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Yobit Bitcoin sustained solid returns over the last few months and may actually be approaching a breakup point.
Bitfinex Bitcoin USD  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Bitcoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Bitfinex Bitcoin may actually be approaching a critical reversion point that can send shares even higher in September 2019.

Yobit Bitcoin and Bitfinex Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Bitcoin USD  vs.  Bitfinex Bitcoin USD

Yobit

Bitcoin on Yobit in USD

 11,000 
(162.99)  1.46%
Market Cap: 3.3 B
  

Bitfinex

Bitcoin on Bitfinex in USD

 10,729 
379.00  3.66%
Market Cap: 1774.3 B
 271.00 
2.46% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Bitcoin USD is expected to generate 0.81 times more return on investment than Bitfinex Bitcoin. However, Yobit Bitcoin USD is 1.24 times less risky than Bitfinex Bitcoin. It trades about 0.05 of its potential returns per unit of risk. Bitfinex Bitcoin USD is currently generating about 0.02 per unit of risk. If you would invest  1,066,721  in Yobit Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  49,578  from holding Yobit Bitcoin USD or generate 4.65% return on investment over 30 days.

Pair Corralation between Yobit Bitcoin and Bitfinex Bitcoin

0.81
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Bitcoin and Bitfinex Bitcoin

Yobit Bitcoin USD diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Bitcoin USD and Bitfinex Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Bitfinex 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 Bitfinex Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bitfinex Bitcoin USD has no effect on the direction of Yobit Bitcoin i.e. Yobit Bitcoin and Bitfinex Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.


 
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