Pair Correlation Between Yobit Bitshares and Yobit EthereumScrypt

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

Yobit

Bitshares on Yobit in USD
 0.9 
0.08  9.76%
Market Cap: 5.0

Yobit

EthereumScrypt on Yobit in USD
 0.028 
0.002  7.69%
Market Cap: 4.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Bitshares is expected to generate 2.54 times less return on investment than Yobit EthereumScrypt. But when comparing it to its historical volatility, Yobit Bitshares USD is 2.26 times less risky than Yobit EthereumScrypt. It trades about 0.2 of its potential returns per unit of risk. Yobit EthereumScrypt USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.8  in Yobit EthereumScrypt USD on November 16, 2017 and sell it today you would earn a total of  3.7  from holding Yobit EthereumScrypt USD or generate 462.5% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Bitshares and Yobit EthereumScrypt
0.49

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Bitshares USD

  
12 

Risk-Adjusted Performance

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

Yobit EthereumScrypt USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EthereumScrypt USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.