Pair Correlation Between Yobit Dogecoin and Yobit BitBean

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

Yobit

Dogecoin on Yobit in USD
 0.00676 
0.00016  2.42%
Market Cap: 2.1 K

Yobit

BitBean on Yobit in USD
 0.026 
0.005  23.81%
Market Cap: 332
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin is expected to generate 4801.59 times less return on investment than Yobit BitBean. But when comparing it to its historical volatility, Yobit Dogecoin USD is 4.28 times less risky than Yobit BitBean. It trades about 0.0 of its potential returns per unit of risk. Yobit BitBean USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  2.90  in Yobit BitBean USD on January 24, 2018 and sell it today you would lose (0.30)  from holding Yobit BitBean USD or give up 10.34% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Dogecoin and Yobit BitBean
0.56

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Dogecoin USD

  
0 

Risk-Adjusted Performance

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

Yobit BitBean USD

  
12 

Risk-Adjusted Performance

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