This module allows you to analyze existing cross correlation between Yobit CannabisCoin USD and LiveCoin NEM USD. You can compare the effects of market volatilities on Yobit CannabisCoin and LiveCoin 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 LiveCoin NEM. See also your portfolio center. Please also check ongoing floating volatility patterns of Yobit CannabisCoin and LiveCoin NEM.
Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 2.75 times more return on investment than LiveCoin NEM. However, Yobit CannabisCoin is 2.75 times more volatile than LiveCoin NEM USD. It trades about 0.08 of its potential returns per unit of risk. LiveCoin NEM USD is currently generating about -0.33 per unit of risk. If you would invest 1.21 in Yobit CannabisCoin USD on July 20, 2018 and sell it today you would earn a total of 0.05 from holding Yobit CannabisCoin USD or generate 4.04% return on investment over 30 days.
Pair Corralation between Yobit CannabisCoin and LiveCoin NEM
Overlapping area represents the amount of risk that can be diversified away by holding Yobit CannabisCoin USD and LiveCoin NEM USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on LiveCoin 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 LiveCoin NEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LiveCoin NEM USD has no effect on the direction of Yobit CannabisCoin i.e. Yobit CannabisCoin and LiveCoin NEM go up and down completely randomly.
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