Pair Correlation Between Yobit CannabisCoin and HitBTC NEM

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

Yobit CannabisCoin USD  vs.  HitBTC NEM USD

Yobit

CannabisCoin on Yobit in USD
 0.057 
0.00099  1.77%
Market Cap: 23.0
  

HitBTC

NEM on HitBTC in USD
 0.40 
0.0055  1.37%
Market Cap: 77.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 5.02 times more return on investment than HitBTC NEM. However, Yobit CannabisCoin is 5.02 times more volatile than HitBTC NEM USD. It trades about 0.18 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.02 per unit of risk. If you would invest  6.20  in Yobit CannabisCoin USD on March 23, 2018 and sell it today you would earn a total of  3.80  from holding Yobit CannabisCoin USD or generate 61.29% return on investment over 30 days.

Pair Corralation between Yobit CannabisCoin and HitBTC NEM

0.71
Time Period2 Months [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 NEM USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC NEM 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 NEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC NEM USD has no effect on the direction of Yobit CannabisCoin i.e. Yobit CannabisCoin and HitBTC NEM go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit CannabisCoin USD  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.
HitBTC NEM USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1072.96

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Crypto Portfolio Optimizer module to optimize portfolio of digital coins and token across multiple currency and exchanges.