Pair Correlation Between Yobit CannabisCoin and LiveCoin Litecoin

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

Yobit

CannabisCoin on Yobit in USD
 0.0612 
(0.01879)  23.49%
Market Cap: 54.0

LiveCoin

Litecoin on LiveCoin in USD
 290 
27.91  10.65%
Market Cap: 9.8 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 44.09 times more return on investment than LiveCoin Litecoin. However, Yobit CannabisCoin is 44.09 times more volatile than LiveCoin Litecoin USD. It trades about 0.19 of its potential returns per unit of risk. LiveCoin Litecoin USD is currently generating about 0.43 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  3.26  from holding Yobit CannabisCoin USD or generate 114.06% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CannabisCoin and LiveCoin Litecoin
0.52

Parameters

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

Diversification

Very weak diversification

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

LiveCoin Litecoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in LiveCoin Litecoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.