Pair Correlation Between Yobit DarkGold and Cexio Ethereum

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

Yobit

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

Cexio

Ethereum on Cexio in USD
 728.85 
86.18  13.41%
Market Cap: 1.8 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit DarkGold USD is expected to under-perform the Cexio Ethereum. In addition to that, Yobit DarkGold is 8.46 times more volatile than Cexio Ethereum USD. It trades about 0.0 of its total potential returns per unit of risk. Cexio Ethereum USD is currently generating about 0.39 per unit of volatility. If you would invest  34,200  in Cexio Ethereum USD on November 14, 2017 and sell it today you would earn a total of  30,067  from holding Cexio Ethereum USD or generate 87.92% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit DarkGold and Cexio Ethereum
-0.53

Parameters

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

Diversification

Excellent diversification

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

Cexio Ethereum USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cexio Ethereum USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.