Correlation Analysis Between Yobit CannabisCoin and Bitfinex Recovery

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

Yobit CannabisCoin USD  vs.  Bitfinex Recovery Right Tokens

Yobit

CannabisCoin on Yobit in USD

 0.007428 
(0.000066)  0.88%
Market Cap: 7.0
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03574 
(0.00024)  0.67%
Market Cap: 145
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 4.89 times more return on investment than Bitfinex Recovery. However, Yobit CannabisCoin is 4.89 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.08 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.07 per unit of risk. If you would invest  0.95  in Yobit CannabisCoin USD on November 11, 2018 and sell it today you would lose (0.21)  from holding Yobit CannabisCoin USD or give up 21.89% of portfolio value over 30 days.

Pair Corralation between Yobit CannabisCoin and Bitfinex Recovery

-0.3
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Yobit CannabisCoin USD diversification synergy

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit CannabisCoin USD  
5

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.
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.

My Equities

My Current Equities and Potential Positions

View AllNext
TGT - USA Stock
Target Corporation
Specialization
Consumer, Diversified Wholesale And Retail
RegionNorth America
ExchangeNew York Stock Exchange
$67.03

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Focused Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.


 
Search macroaxis.com