Pair Correlation Between Yobit CannabisCoin and HitBTC PeerCoin

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

Yobit

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

HitBTC

PeerCoin on HitBTC in USD
 4.19 
0.61  17.04%
Market Cap: 59.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 69.24 times more return on investment than HitBTC PeerCoin. However, Yobit CannabisCoin is 69.24 times more volatile than HitBTC PeerCoin USD. It trades about 0.19 of its potential returns per unit of risk. HitBTC PeerCoin USD is currently generating about 0.46 per unit of risk. If you would invest  2.86  in Yobit CannabisCoin USD on November 14, 2017 and sell it today you would earn a total of  7.14  from holding Yobit CannabisCoin USD or generate 249.77% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CannabisCoin and HitBTC PeerCoin
0.73

Parameters

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

Diversification

Poor diversification

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

HitBTC PeerCoin USD

  
30 

Risk-Adjusted Performance

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