Correlation Analysis Between Yobit Dogecoin and Cexio Ethereum

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

Comparative Performance

Yobit Dogecoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Cexio Ethereum USD  
0

Risk-Adjusted Performance

Over the last 30 days Cexio Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Yobit Dogecoin and Cexio Ethereum Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Dogecoin USD  vs.  Cexio Ethereum USD

Yobit

Dogecoin on Yobit in USD

 0.00221 
(0.000036)  1.60%
Market Cap: 804
  

Cexio

Ethereum on Cexio in USD

 87.59 
2.04  2.38%
Market Cap: 4.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 0.88 times more return on investment than Cexio Ethereum. However, Yobit Dogecoin USD is 1.13 times less risky than Cexio Ethereum. It trades about -0.36 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.38 per unit of risk. If you would invest  0.47  in Yobit Dogecoin USD on November 15, 2018 and sell it today you would lose (0.25)  from holding Yobit Dogecoin USD or give up 53.35% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and Cexio Ethereum

0.89
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Dogecoin and Cexio Ethereum

Yobit Dogecoin USD diversification synergy

Very poor diversification

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

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