Pair Correlation Between Yobit Dogecoin and Yobit Golem

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

Yobit Dogecoin USD  vs.  Yobit Golem Network Token USD

Yobit

Dogecoin on Yobit in USD
 0.005456 
0.000377  6.46%
Market Cap: 42.6 K
  

Yobit

Golem Network Token on Yobit in USD
 0.55 
0.0902  14.09%
Market Cap: 310
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin is expected to generate 3434.5 times less return on investment than Yobit Golem. But when comparing it to its historical volatility, Yobit Dogecoin USD is 2.86 times less risky than Yobit Golem. It trades about 0.0 of its potential returns per unit of risk. Yobit Golem Network Token USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  37.00  in Yobit Golem Network Token USD on March 26, 2018 and sell it today you would earn a total of  18.01  from holding Yobit Golem Network Token USD or generate 48.68% return on investment over 30 days.

Pair Corralation between Yobit Dogecoin and Yobit Golem

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Dogecoin USD and Yobit Golem Network Token USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Golem Network 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 Golem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Golem Network has no effect on the direction of Yobit Dogecoin i.e. Yobit Dogecoin and Yobit Golem 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 Golem Network  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

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