Correlation Analysis Between Bitfinex Recovery and Yobit Dogecoin

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

Bitfinex Recovery Right Tokens  vs.  Yobit Dogecoin USD

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06 
0.00595  9.75%
Market Cap: 947
  

Yobit

Dogecoin on Yobit in USD
 0.002729 
0.000021  0.76%
Market Cap: 12.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 2.2 times more return on investment than Yobit Dogecoin. However, Bitfinex Recovery is 2.2 times more volatile than Yobit Dogecoin USD. It trades about -0.02 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about -0.21 per unit of risk. If you would invest  6.51  in Bitfinex Recovery Right Tokens USD on May 23, 2018 and sell it today you would lose (1.00)  from holding Bitfinex Recovery Right Tokens USD or give up 15.42% of portfolio value over 30 days.

Pair Corralation between Bitfinex Recovery and Yobit Dogecoin

0.74
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
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 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.

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