This module allows you to analyze existing cross correlation between Yobit CannabisCoin USD and Coinbase Bitcoin USD. You can compare the effects of market volatilities on Yobit CannabisCoin 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 CannabisCoin with a short position of Coinbase Bitcoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of Yobit CannabisCoin
and Coinbase Bitcoin
Over the last 30 days Yobit CannabisCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days Coinbase Bitcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit CannabisCoin and Coinbase Bitcoin Volatility Contrast
Yobit CannabisCoin USD vs. Coinbase Bitcoin USD
Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 4.65 times more return on investment than Coinbase Bitcoin. However, Yobit CannabisCoin is 4.65 times more volatile than Coinbase Bitcoin USD. It trades about 0.01 of its potential returns per unit of risk. Coinbase Bitcoin USD is currently generating about -0.36 per unit of risk. If you would invest 1.67 in Yobit CannabisCoin USD on November 15, 2018 and sell it today you would lose (0.94) from holding Yobit CannabisCoin USD or give up 56.09% of portfolio value over 30 days.
Pair Corralation between Yobit CannabisCoin and Coinbase Bitcoin
|Time Period||2 Months [change]|
Diversification Opportunities for Yobit CannabisCoin and Coinbase Bitcoin
Overlapping area represents the amount of risk that can be diversified away by holding Yobit CannabisCoin 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 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 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 CannabisCoin i.e. Yobit CannabisCoin and Coinbase Bitcoin go up and down completely randomly.