Correlation Analysis Between CCEX Dogecoin and Yobit Waves

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

CCEX Dogecoin USD  vs.  Yobit Waves USD

CCEX

Dogecoin on CCEX in USD

 0.0023 
0.0002  9.52%
Market Cap: 7.0
  

Yobit

Waves on Yobit in USD

 1.76 
0.14  8.64%
Market Cap: 6.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX Dogecoin USD is expected to under-perform the Yobit Waves. But the crypto apears to be less risky and, when comparing its historical volatility, CCEX Dogecoin USD is 1.09 times less risky than Yobit Waves. The crypto trades about -0.19 of its potential returns per unit of risk. The Yobit Waves USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  198.00  in Yobit Waves USD on November 11, 2018 and sell it today you would lose (24.00)  from holding Yobit Waves USD or give up 12.12% of portfolio value over 30 days.

Pair Corralation between CCEX Dogecoin and Yobit Waves

0.71
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

CCEX Dogecoin USD diversification synergy

Poor diversification

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

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions

View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1051.75

Thematic Opportunities

Explore Investment Opportunities

Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Instant Ratings module to determine any equity ratings based on digital recommendations. macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.


 
Search macroaxis.com