Pair Correlation Between Yobit Decred and Yobit HempCoin

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

Yobit

Decred on Yobit in USD
 93 
(22.21)  19.28%
Market Cap: 427.8 K

Yobit

HempCoin on Yobit in USD
 0.000178 
(0.00003)  14.42%
Market Cap: 532
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred is expected to generate 20.24 times less return on investment than Yobit HempCoin. But when comparing it to its historical volatility, Yobit Decred USD is 11.65 times less risky than Yobit HempCoin. It trades about 0.1 of its potential returns per unit of risk. Yobit HempCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  0.02  in Yobit HempCoin USD on December 17, 2017 and sell it today you would lose  0.00  from holding Yobit HempCoin USD or give up 6.32% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Decred and Yobit HempCoin
0.62

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Decred USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit HempCoin USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit HempCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.