Correlation Analysis Between Yobit DebitCoin and Yobit Waves

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

Comparative Performance

Yobit DebitCoin USD  
0

Risk-Adjusted Performance

Over the last 30 days Yobit DebitCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Waves USD  
10

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Yobit DebitCoin and Yobit Waves Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit DebitCoin USD  vs.  Yobit Waves USD

Yobit

DebitCoin on Yobit in USD

 0.001325 
(0.000987)  42.69%
Market Cap: 0
  

Yobit

Waves on Yobit in USD

 3.30 
0.63  23.60%
Market Cap: 12.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit DebitCoin USD is expected to under-perform the Yobit Waves. In addition to that, Yobit DebitCoin is 1.58 times more volatile than Yobit Waves USD. It trades about -0.06 of its total potential returns per unit of risk. Yobit Waves USD is currently generating about 0.15 per unit of volatility. If you would invest  206.00  in Yobit Waves USD on November 18, 2018 and sell it today you would earn a total of  124.00  from holding Yobit Waves USD or generate 60.19% return on investment over 30 days.

Pair Corralation between Yobit DebitCoin and Yobit Waves

-0.47
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy58.14%
ValuesDaily Returns

Diversification Opportunities for Yobit DebitCoin and Yobit Waves

Yobit DebitCoin USD diversification synergy

Very good diversification

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

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See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.


 
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