Pair Correlation Between Yobit CannabisCoin and Cexio Ethereum

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

Yobit

CannabisCoin on Yobit in USD
 0.063 
(0.015)  19.23%
Market Cap: 1.0

Cexio

Ethereum on Cexio in USD
 476.98 
(0.18)  0.0377%
Market Cap: 1.2 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 137.25 times more return on investment than Cexio Ethereum. However, Yobit CannabisCoin is 137.25 times more volatile than Cexio Ethereum USD. It trades about 0.19 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.33 per unit of risk. If you would invest  2.86  in Yobit CannabisCoin USD on November 11, 2017 and sell it today you would earn a total of  3.44  from holding Yobit CannabisCoin USD or generate 120.36% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CannabisCoin and Cexio Ethereum
0.68

Parameters

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

Diversification

Poor diversification

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

Cexio Ethereum USD

  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.