Pair Correlation Between Yobit BitCurrency and Yobit Waves

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

Yobit

BitCurrency on Yobit in USD
 0.005833 
0.002333  66.66%
Market Cap: 0

Yobit

Waves on Yobit in USD
 8.02 
0.28  3.37%
Market Cap: 174.2 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitCurrency USD is expected to generate 5.7 times more return on investment than Yobit Waves. However, Yobit BitCurrency is 5.7 times more volatile than Yobit Waves USD. It trades about 0.09 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.05 per unit of risk. If you would invest  1.75  in Yobit BitCurrency USD on January 19, 2018 and sell it today you would lose (1.17)  from holding Yobit BitCurrency USD or give up 66.73% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BitCurrency and Yobit Waves
0.42

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BitCurrency USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitCurrency USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Waves USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.