Pair Correlation Between Yobit Aircoin and Yobit BitCurrency

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

Yobit

Aircoin on Yobit in USD
 0.0001469 
0.0000369  33.55%
Market Cap: 15.0

Yobit

BitCurrency on Yobit in USD
 0.005 
0.001  25%
Market Cap: 8.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Aircoin is expected to generate 2.73 times less return on investment than Yobit BitCurrency. But when comparing it to its historical volatility, Yobit Aircoin USD is 1.3 times less risky than Yobit BitCurrency. It trades about 0.14 of its potential returns per unit of risk. Yobit BitCurrency USD is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest  0.12  in Yobit BitCurrency USD on November 15, 2017 and sell it today you would earn a total of  0.28  from holding Yobit BitCurrency USD or generate 221.54% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Aircoin and Yobit BitCurrency
-0.31

Parameters

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

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Aircoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Aircoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Yobit BitCurrency USD

  
19 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitCurrency USD are ranked lower than 19 (%) of all global equities and portfolios over the last 30 days.