Correlation Analysis Between Yobit Ethereum and itBit Ethereum

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

Yobit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days Yobit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather fragile fundamental drivers, Yobit Ethereum exhibited solid returns over the last few months and may actually be approaching a breakup point.
itBit Ethereum USD  
00

Risk-Adjusted Performance

Over the last 30 days itBit Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather fragile fundamental drivers, itBit Ethereum exhibited solid returns over the last few months and may actually be approaching a breakup point.

Yobit Ethereum and itBit Ethereum Volatility Contrast

Yobit Ethereum USD  vs.  itBit Ethereum USD

Yobit

Ethereum on Yobit in USD

 227.68 
12.97  6.04%
Market Cap: 2.1 M
  

itBit

Ethereum on itBit in USD

 220.60 
14.90  7.24%
Market Cap: 138.1 M
 7.08 
3.11% Risk Free Arbitrage
All Coins Arbitrage Correlation
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Ethereum is expected to generate 3.82 times less return on investment than itBit Ethereum. But when comparing it to its historical volatility, Yobit Ethereum USD is 3.82 times less risky than itBit Ethereum. It trades about 0.71 of its potential returns per unit of risk. itBit Ethereum USD is currently generating about 0.71 of returns per unit of risk over similar time horizon. If you would invest  20,570  in itBit Ethereum USD on August 20, 2019 and sell it today you would earn a total of  340.00  from holding itBit Ethereum USD or generate 1.65% return on investment over 30 days.

Pair Corralation between Yobit Ethereum and itBit Ethereum

0.0
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Ethereum and itBit Ethereum

Yobit Ethereum USD diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Ethereum USD and itBit Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on itBit Ethereum 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 USD are associated (or correlated) with itBit Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of itBit Ethereum USD has no effect on the direction of Yobit Ethereum i.e. Yobit Ethereum and itBit Ethereum go up and down completely randomly.
See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.


 
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