Pair Correlation Between Yobit CannabisCoin and Bitfinex NEO

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

Yobit

CannabisCoin on Yobit in USD
 0.1 
0.02001  25.02%
Market Cap: 54.0

Bitfinex

NEO on Bitfinex in USD
 44.99 
7.39  19.65%
Market Cap: 713.4 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 61.54 times more return on investment than Bitfinex NEO. However, Yobit CannabisCoin is 61.54 times more volatile than Bitfinex NEO USD. It trades about 0.19 of its potential returns per unit of risk. Bitfinex NEO USD is currently generating about 0.18 per unit of risk. If you would invest  2.86  in Yobit CannabisCoin USD on November 13, 2017 and sell it today you would earn a total of  5.13  from holding Yobit CannabisCoin USD or generate 179.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CannabisCoin and Bitfinex NEO
0.2

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit CannabisCoin USD

  
12 

Risk-Adjusted Performance

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

Bitfinex NEO USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex NEO USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.