Correlation Analysis Between Yobit CannabisCoin and BitTrex Ethereum

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

Yobit CannabisCoin USD  vs.  BitTrex Ethereum Classic USD

Yobit

CannabisCoin on Yobit in USD

 0.007429 
0.000001  0.0135%
Market Cap: 7.0
  

BitTrex

Ethereum Classic on BitTrex in USD

 3.77 
0.02  0.53%
Market Cap: 21.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 3.94 times more return on investment than BitTrex Ethereum. However, Yobit CannabisCoin is 3.94 times more volatile than BitTrex Ethereum Classic USD. It trades about 0.04 of its potential returns per unit of risk. BitTrex Ethereum Classic USD is currently generating about -0.26 per unit of risk. If you would invest  1.33  in Yobit CannabisCoin USD on November 13, 2018 and sell it today you would lose (0.59)  from holding Yobit CannabisCoin USD or give up 44.14% of portfolio value over 30 days.

Pair Corralation between Yobit CannabisCoin and BitTrex Ethereum

0.76
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy70.49%
ValuesDaily Returns

Diversification

Yobit CannabisCoin USD diversification synergy

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit CannabisCoin USD  
2

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.
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.

My Equities

My Current Equities and Potential Positions

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TGT - USA Stock
Target Corporation
Specialization
Consumer, Diversified Wholesale And Retail
RegionNorth America
ExchangeNew York Stock Exchange
$66.68

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See also your portfolio center. Please also try Cryptocurrency Correlation module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins and exchanges.


 
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