Pair Correlation Between Bitfinex Recovery and Yobit Fitcoin

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

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.11 
(0.0735)  39.58%
Market Cap: 662.3 K

Yobit

Fitcoin on Yobit in USD
 0.0008 
0.00005  6.67%
Market Cap: 7.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to under-perform the Yobit Fitcoin. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Recovery Right Tokens USD is 32.2 times less risky than Yobit Fitcoin. The crypto trades about -0.18 of its potential returns per unit of risk. The Yobit Fitcoin USD is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest  0.24  in Yobit Fitcoin USD on December 17, 2017 and sell it today you would lose (0.16)  from holding Yobit Fitcoin USD or give up 65.96% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Recovery and Yobit Fitcoin
0.32

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Fitcoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.