Pair Correlation Between Yobit Aircoin and Bitfinex Recovery

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

Yobit

Aircoin on Yobit in USD
 0.000228 
(0.000004)  1.72%
Market Cap: 15.0

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.28 
(0.011)  3.83%
Market Cap: 12.9 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Aircoin USD is expected to generate 2.73 times more return on investment than Bitfinex Recovery. However, Yobit Aircoin is 2.73 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.19 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.17 per unit of risk. If you would invest  0.02  in Yobit Aircoin USD on November 18, 2017 and sell it today you would earn a total of  0.01  from holding Yobit Aircoin USD or generate 42.5% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Aircoin and Bitfinex Recovery
0.08

Parameters

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

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Aircoin USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Aircoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Recovery Right

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.