Pair Correlation Between Yobit Bitshares and Cexio Ethereum

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

Yobit

Bitshares on Yobit in USD
 0.51 
(0.32)  38.41%
Market Cap: 5.0

Cexio

Ethereum on Cexio in USD
 738.01 
(4.98)  0.67%
Market Cap: 1.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Bitshares USD is expected to generate 5.53 times more return on investment than Cexio Ethereum. However, Yobit Bitshares is 5.53 times more volatile than Cexio Ethereum USD. It trades about 0.2 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.46 per unit of risk. If you would invest  38.38  in Yobit Bitshares USD on November 16, 2017 and sell it today you would earn a total of  51.62  from holding Yobit Bitshares USD or generate 134.5% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Bitshares and Cexio Ethereum
-0.02

Parameters

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

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Bitshares USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitshares USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Cexio Ethereum USD

  
30 

Risk-Adjusted Performance

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