Correlation Analysis Between CCEX Dogecoin and Yobit Universal

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

CCEX Dogecoin USD  vs.  Yobit Universal Currency USD

CCEX

Dogecoin on CCEX in USD
 0.00255 
0.0003  10.53%
Market Cap: 327
  

Yobit

Universal Currency on Yobit in USD
 0.20 
0.0283  12.34%
Market Cap: 272
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to under-perform the Yobit Universal. In addition to that, CCEX Dogecoin is 1.05 times more volatile than Yobit Universal Currency USD. It trades about -0.22 of its total potential returns per unit of risk. Yobit Universal Currency USD is currently generating about -0.21 per unit of volatility. If you would invest  37.89  in Yobit Universal Currency USD on May 19, 2018 and sell it today you would lose (14.95)  from holding Yobit Universal Currency USD or give up 39.46% of portfolio value over 30 days.

Pair Corralation between CCEX Dogecoin and Yobit Universal

0.59
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
CCEX Dogecoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days CCEX Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Universal Curr  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.