Pair Correlation Between Yobit BitBean and Yobit PetroDollar

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

Yobit

BitBean on Yobit in USD
 0.0089 
0.00002  0.23%
Market Cap: 27.0

Yobit

PetroDollar on Yobit in USD
 0.01845 
(0.01155)  38.5%
Market Cap: 226
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitBean is expected to generate 1.16 times less return on investment than Yobit PetroDollar. But when comparing it to its historical volatility, Yobit BitBean USD is 1.4 times less risky than Yobit PetroDollar. It trades about 0.31 of its potential returns per unit of risk. Yobit PetroDollar USD is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit PetroDollar USD on November 15, 2017 and sell it today you would earn a total of  1.85  from holding Yobit PetroDollar USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BitBean and Yobit PetroDollar
0.04

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 BitBean USD and Yobit PetroDollar USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit PetroDollar USD and Yobit BitBean 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 BitBean USD are associated (or correlated) with Yobit PetroDollar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit PetroDollar USD has no effect on the direction of Yobit BitBean i.e. Yobit BitBean and Yobit PetroDollar go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BitBean USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitBean USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

Yobit PetroDollar USD

  
16 

Risk-Adjusted Performance

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