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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Yobit BitCurrency USD  vs   Yobit Waves USD

Yobit

BitCurrency on Yobit in USD
 0.004 
(0.0015)  27.27%
Market Cap: 8.6 K

Yobit

Waves on Yobit in USD
 8.76 
(1.24)  12.4%
Market Cap: 737.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitCurrency USD is expected to generate 34.65 times more return on investment than Yobit Waves. However, Yobit BitCurrency is 34.65 times more volatile than Yobit Waves USD. It trades about 0.27 of its potential returns per unit of risk. Yobit Waves USD is currently generating about 0.51 per unit of risk. If you would invest  0.15  in Yobit BitCurrency USD on November 11, 2017 and sell it today you would earn a total of  0.25  from holding Yobit BitCurrency USD or generate 171.92% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BitCurrency and Yobit Waves
0.39

Parameters

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

Diversification

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

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitCurrency USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

Yobit Waves USD

  
33 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 33 (%) of all global equities and portfolios over the last 30 days.