Pair Correlation Between Yobit CannabisCoin and Yobit BitBean

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

Yobit

CannabisCoin on Yobit in USD
 0.16 
(0.06)  27.27%
Market Cap: 376

Yobit

BitBean on Yobit in USD
 0.028 
(0.0159)  36.22%
Market Cap: 19.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin is expected to generate 1.01 times less return on investment than Yobit BitBean. In addition to that, Yobit CannabisCoin is 1.36 times more volatile than Yobit BitBean USD. It trades about 0.19 of its total potential returns per unit of risk. Yobit BitBean USD is currently generating about 0.26 per unit of volatility. If you would invest  1.5  in Yobit BitBean USD on December 20, 2017 and sell it today you would earn a total of  2.89  from holding Yobit BitBean USD or generate 192.67% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CannabisCoin and Yobit BitBean
0.38

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit CannabisCoin USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Yobit CannabisCoin USD

Pair trading matchups for Yobit CannabisCoin

Yobit BitBean USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitBean USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

Yobit BitBean USD

Pair trading matchups for Yobit BitBean