Correlation Analysis Between Yobit CannabisCoin and LiveCoin NovaCoin

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

Yobit CannabisCoin USD  vs.  LiveCoin NovaCoin USD

Yobit

CannabisCoin on Yobit in USD

 0.02675 
0.00982  58.00%
Market Cap: 0
  

LiveCoin

NovaCoin on LiveCoin in USD

 1.00 
0.05  4.76%
Market Cap: 13.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 6.49 times more return on investment than LiveCoin NovaCoin. However, Yobit CannabisCoin is 6.49 times more volatile than LiveCoin NovaCoin USD. It trades about 0.26 of its potential returns per unit of risk. LiveCoin NovaCoin USD is currently generating about -0.09 per unit of risk. If you would invest  1.20  in Yobit CannabisCoin USD on September 20, 2018 and sell it today you would earn a total of  1.48  from holding Yobit CannabisCoin USD or generate 122.92% return on investment over 30 days.

Pair Corralation between Yobit CannabisCoin and LiveCoin NovaCoin

-0.25
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy74.19%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit CannabisCoin USD  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.
LiveCoin NovaCoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days LiveCoin NovaCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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