Correlation Analysis Between Yobit Waves and Coinbase Bitcoin

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

Comparative Performance

Yobit Waves USD  
7

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
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.

Yobit Waves and Coinbase Bitcoin Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Waves USD  vs.  Coinbase Bitcoin USD

Yobit

Waves on Yobit in USD

 2.50 
(0.17)  6.37%
Market Cap: 12.3 K
  

Coinbase

Bitcoin on Coinbase in USD

 3,451 
(42.54)  1.22%
Market Cap: 40.3 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Waves USD is expected to generate 2.32 times more return on investment than Coinbase Bitcoin. However, Yobit Waves is 2.32 times more volatile than Coinbase Bitcoin USD. It trades about 0.11 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.3 per unit of risk. If you would invest  206.00  in Yobit Waves USD on November 18, 2018 and sell it today you would earn a total of  61.00  from holding Yobit Waves USD or generate 29.61% return on investment over 30 days.

Pair Corralation between Yobit Waves and Coinbase Bitcoin

0.29
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Waves and Coinbase Bitcoin

Yobit Waves USD diversification synergy

Modest diversification

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

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