Correlation Analysis Between Yobit Bitcoin and Coinbase Bitcoin

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

Yobit Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Yobit Bitcoin may actually be approaching a critical reversion point that can send shares even higher in September 2019.
Coinbase Bitcoin USD  
22

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Coinbase Bitcoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively weak forward-looking signals, Coinbase Bitcoin reported solid returns over the last few months and may actually be approaching a breakup point.

Yobit Bitcoin and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Bitcoin USD  vs.  Coinbase Bitcoin USD

Yobit

Bitcoin on Yobit in USD

 11,015 
(148.20)  1.33%
Market Cap: 3.3 B
  

Coinbase

Bitcoin on Coinbase in USD

 10,841 
44.39  0.41%
Market Cap: 608.6 B
 173.62 
1.58% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Bitcoin is expected to generate 1.45 times less return on investment than Coinbase Bitcoin. But when comparing it to its historical volatility, Yobit Bitcoin USD is 1.3 times less risky than Coinbase Bitcoin. It trades about 0.04 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  1,048,593  in Coinbase Bitcoin USD on July 21, 2019 and sell it today you would earn a total of  35,524  from holding Coinbase Bitcoin USD or generate 3.39% return on investment over 30 days.

Pair Corralation between Yobit Bitcoin and Coinbase Bitcoin

0.9
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Bitcoin and Coinbase Bitcoin

Yobit Bitcoin USD diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Bitcoin 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 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 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 Bitcoin i.e. Yobit Bitcoin and Coinbase Bitcoin go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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