Correlation Analysis Between Yobit Ethereum and Yobit Waves

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

Yobit Ethereum Classic USD  vs.  Yobit Waves USD

Yobit

Ethereum Classic on Yobit in USD

 4.02 
0.24  6.35%
Market Cap: 2.3 K
  

Yobit

Waves on Yobit in USD

 1.97 
0.20  11.30%
Market Cap: 6.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Ethereum Classic USD is expected to under-perform the Yobit Waves. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Ethereum Classic USD is 1.65 times less risky than Yobit Waves. The crypto trades about -0.34 of its potential returns per unit of risk. The Yobit Waves USD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  202.00  in Yobit Waves USD on November 12, 2018 and sell it today you would lose (12.00)  from holding Yobit Waves USD or give up 5.94% of portfolio value over 30 days.

Pair Corralation between Yobit Ethereum and Yobit Waves

0.61
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Yobit Ethereum Classic USD diversification synergy

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Ethereum Classic  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Waves USD  
1

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

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