Pair Correlation Between Yobit CannabisCoin and Yobit eMark

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

Yobit

CannabisCoin on Yobit in USD
 0.05006 
(0.04994)  49.94%
Market Cap: 54.0

Yobit

eMark on Yobit in USD
 0.06273 
0.05143  455.13%
Market Cap: 75.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CannabisCoin USD is expected to generate 1.75 times more return on investment than Yobit eMark. However, Yobit CannabisCoin is 1.75 times more volatile than Yobit eMark USD. It trades about 0.21 of its potential returns per unit of risk. Yobit eMark USD is currently generating about 0.25 per unit of risk. If you would invest  2.86  in Yobit CannabisCoin USD on November 17, 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 Yobit eMark
0.3

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit CannabisCoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Yobit eMark USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit eMark USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.