Correlation Analysis Between Cexio Ethereum and Yobit CannabisCoin

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

Cexio Ethereum USD  vs.  Yobit CannabisCoin USD

Cexio

Ethereum on Cexio in USD

 206.14 
4.83  2.29%
Market Cap: 1.6 M
  

Yobit

CannabisCoin on Yobit in USD

 0.01674 
0.00344  25.86%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 40.73 times less return on investment than Yobit CannabisCoin. But when comparing it to its historical volatility, Cexio Ethereum USD is 3.76 times less risky than Yobit CannabisCoin. It trades about 0.02 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  1.20  in Yobit CannabisCoin USD on September 18, 2018 and sell it today you would earn a total of  0.47  from holding Yobit CannabisCoin USD or generate 39.5% return on investment over 30 days.

Pair Corralation between Cexio Ethereum and Yobit CannabisCoin

0.09
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Cexio Ethereum USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Yobit CannabisCoin USD  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

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