Pair Correlation Between Yobit Golem and Yobit CannabisCoin

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

Yobit Golem Network Token USD  vs.  Yobit CannabisCoin USD

Yobit

Golem Network Token on Yobit in USD
 0.52 
0.0779  17.46%
Market Cap: 105
  

Yobit

CannabisCoin on Yobit in USD
 0.043 
0.02456  36.35%
Market Cap: 23.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Golem is expected to generate 2.71 times less return on investment than Yobit CannabisCoin. But when comparing it to its historical volatility, Yobit Golem Network Token USD is 1.94 times less risky than Yobit CannabisCoin. It trades about 0.09 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  8.01  in Yobit CannabisCoin USD on March 22, 2018 and sell it today you would lose (3.71)  from holding Yobit CannabisCoin USD or give up 46.34% of portfolio value over 30 days.

Pair Corralation between Yobit Golem and Yobit CannabisCoin

0.65
Time Period2 Months [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 Golem Network Token USD and Yobit CannabisCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit CannabisCoin USD and Yobit Golem 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 Golem Network Token USD are associated (or correlated) with Yobit CannabisCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit CannabisCoin USD has no effect on the direction of Yobit Golem i.e. Yobit Golem and Yobit CannabisCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Golem Network  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.
Yobit CannabisCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
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See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.