Pair Correlation Between Bitfinex Recovery and Yobit Decred

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

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.13 
(0.0572)  30.8%
Market Cap: 662.3 K

Yobit

Decred on Yobit in USD
 90 
(25.21)  21.88%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to under-perform the Yobit Decred. In addition to that, Bitfinex Recovery is 1.11 times more volatile than Yobit Decred USD. It trades about -0.18 of its total potential returns per unit of risk. Yobit Decred USD is currently generating about 0.07 per unit of volatility. If you would invest  8,600  in Yobit Decred USD on December 17, 2017 and sell it today you would earn a total of  700  from holding Yobit Decred USD or generate 8.14% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Recovery and Yobit Decred
-0.04

Parameters

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

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right

  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Yobit Decred USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.