Pair Correlation Between CCEX BitZeny and Yobit Song

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

CCEX

BitZeny on CCEX in USD
 0.19 
(0.12)  39.58%
Market Cap: 192

Yobit

Song Coin on Yobit in USD
 0.0081 
(0.0019)  19%
Market Cap: 14.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, CCEX BitZeny is expected to generate 1.06 times less return on investment than Yobit Song. But when comparing it to its historical volatility, CCEX BitZeny USD is 1.13 times less risky than Yobit Song. It trades about 0.25 of its potential returns per unit of risk. Yobit Song Coin USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  0.02  in Yobit Song Coin USD on November 16, 2017 and sell it today you would earn a total of  0.79  from holding Yobit Song Coin USD or generate 3950.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between CCEX BitZeny and Yobit Song
0.5

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

CCEX BitZeny USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCEX BitZeny USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

Yobit Song Coin

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Song Coin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.