Pair Correlation Between Yobit MaxCoin and Coinbase Bitcoin

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

Yobit

MaxCoin on Yobit in USD
 0.019 
(0.005)  20.83%
Market Cap: 54.0

Coinbase

Bitcoin on Coinbase in USD
 11,789 
308.89  2.69%
Market Cap: 1659.4 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit MaxCoin USD is expected to generate 11.12 times more return on investment than Coinbase Bitcoin. However, Yobit MaxCoin is 11.12 times more volatile than Coinbase Bitcoin USD. It trades about 0.19 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.11 per unit of risk. If you would invest  2.5  in Yobit MaxCoin USD on December 19, 2017 and sell it today you would lose (0.6)  from holding Yobit MaxCoin USD or give up 23.97% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit MaxCoin and Coinbase Bitcoin
0.08

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit MaxCoin USD

  
12 

Risk-Adjusted Performance

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

Yobit MaxCoin USD

Pair trading matchups for Yobit MaxCoin

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin