Correlation Analysis Between Bitfinex Recovery and Yobit CannabisCoin

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

Comparative Performance

Bitfinex Recovery Right  
0

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit CannabisCoin USD  
0

Risk-Adjusted Performance

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

Bitfinex Recovery and Yobit CannabisCoin Volatility Contrast

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right Tokens  vs.  Yobit CannabisCoin USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD

 0.03563 
(0.00011)  0.31%
Market Cap: 145
  

Yobit

CannabisCoin on Yobit in USD

 0.00735 
(0.000079)  1.06%
Market Cap: 7.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery is expected to generate 4.58 times less return on investment than Yobit CannabisCoin. But when comparing it to its historical volatility, Bitfinex Recovery Right Tokens USD is 5.05 times less risky than Yobit CannabisCoin. It trades about 0.01 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  1.67  in Yobit CannabisCoin USD on November 15, 2018 and sell it today you would lose (0.94)  from holding Yobit CannabisCoin USD or give up 56.09% of portfolio value over 30 days.

Pair Corralation between Bitfinex Recovery and Yobit CannabisCoin

-0.05
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy95.56%
ValuesDaily Returns

Diversification Opportunities for Bitfinex Recovery and Yobit CannabisCoin

Bitfinex Recovery Right Tokens diversification synergy

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Recovery Right Tokens 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 Bitfinex Recovery 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 Bitfinex Recovery Right Tokens 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 Bitfinex Recovery i.e. Bitfinex Recovery and Yobit CannabisCoin go up and down completely randomly.

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