Pair Correlation Between Yobit Decred and Yobit Waves

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

Yobit Decred USD  vs.  Yobit Waves USD

Yobit

Decred on Yobit in USD
 81.63 
6.63  8.84%
Market Cap: 2.4 K
  

Yobit

Waves on Yobit in USD
 5.44 
0.20  3.55%
Market Cap: 96.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred USD is expected to generate 1.88 times more return on investment than Yobit Waves. However, Yobit Decred is 1.88 times more volatile than Yobit Waves USD. It trades about 0.05 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.04 per unit of risk. If you would invest  7,999  in Yobit Decred USD on March 28, 2018 and sell it today you would earn a total of  164.00  from holding Yobit Decred USD or generate 2.05% return on investment over 30 days.

Pair Corralation between Yobit Decred and Yobit Waves

0.73
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy98.36%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Decred USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Yobit Waves USD  
0 

Risk-Adjusted Performance

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

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