Pair Correlation Between Yobit DebitCoin and Yobit EthereumScrypt

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

Yobit

DebitCoin on Yobit in USD
 0.013 
0.005  62.5%
Market Cap: 6.0

Yobit

EthereumScrypt on Yobit in USD
 0.06 
0.034  130.77%
Market Cap: 4.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit DebitCoin USD is expected to generate 2.41 times more return on investment than Yobit EthereumScrypt. However, Yobit DebitCoin is 2.41 times more volatile than Yobit EthereumScrypt USD. It trades about 0.2 of its potential returns per unit of risk. Yobit EthereumScrypt USD is currently generating about 0.22 per unit of risk. If you would invest  0.26  in Yobit DebitCoin USD on November 16, 2017 and sell it today you would earn a total of  1.04  from holding Yobit DebitCoin USD or generate 394.67% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit DebitCoin and Yobit EthereumScrypt
0.32

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit DebitCoin USD

  
13 

Risk-Adjusted Performance

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

Yobit EthereumScrypt USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EthereumScrypt USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.