Correlation Analysis Between Yobit Waves and BitTrex Ethereum

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

Yobit Waves USD  vs.  BitTrex Ethereum Classic USD

Yobit

Waves on Yobit in USD

 1.63 
0.03  1.88%
Market Cap: 167
  

BitTrex

Ethereum Classic on BitTrex in USD

 7.36 
0.01  0.14%
Market Cap: 596.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Waves USD is expected to under-perform the BitTrex Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Waves USD is 1.36 times less risky than BitTrex Ethereum. The crypto trades about -0.48 of its potential returns per unit of risk. The BitTrex Ethereum Classic USD is currently generating about -0.23 of returns per unit of risk over similar time horizon. If you would invest  946.00  in BitTrex Ethereum Classic USD on October 18, 2018 and sell it today you would lose (210.00)  from holding BitTrex Ethereum Classic USD or give up 22.2% of portfolio value over 30 days.

Pair Corralation between Yobit Waves and BitTrex Ethereum

0.62
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy73.33%
ValuesDaily Returns

Diversification

Yobit Waves USD diversification synergy

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Waves USD  
0 

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

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