Pair Correlation Between Yobit DarkGold and Bitfinex Recovery

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

Yobit

DarkGold on Yobit in USD
 0.3 
(0.2)  40%
Market Cap: 30.0

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.25 
0.0071  2.89%
Market Cap: 12.9 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit DarkGold USD is expected to under-perform the Bitfinex Recovery. In addition to that, Yobit DarkGold is 1.67 times more volatile than Bitfinex Recovery Right Tokens USD. It trades about 0.0 of its total potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about 0.13 per unit of volatility. If you would invest  15.9  in Bitfinex Recovery Right Tokens USD on November 14, 2017 and sell it today you would earn a total of  9.41  from holding Bitfinex Recovery Right Tokens USD or generate 59.18% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit DarkGold and Bitfinex Recovery
0.09

Parameters

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

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit DarkGold USD

  
0 

Risk-Adjusted Performance

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

Bitfinex Recovery Right

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.