Correlation Analysis Between Yobit Dogecoin and Bitfinex Recovery

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

Yobit Dogecoin USD  vs.  Bitfinex Recovery Right Tokens

Yobit

Dogecoin on Yobit in USD
 0.00275 
0.000047  1.74%
Market Cap: 12.6 K
  

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.06 
0.00285  4.92%
Market Cap: 1.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 0.65 times more return on investment than Bitfinex Recovery. However, Yobit Dogecoin USD is 1.54 times less risky than Bitfinex Recovery. It trades about -0.22 of its potential returns per unit of risk. Bitfinex Recovery Right Tokens USD is currently generating about -0.2 per unit of risk. If you would invest  0.37  in Yobit Dogecoin USD on May 25, 2018 and sell it today you would lose (0.10)  from holding Yobit Dogecoin USD or give up 26.35% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and Bitfinex Recovery

0.78
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Dogecoin 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 Dogecoin 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 Dogecoin 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 Dogecoin i.e. Yobit Dogecoin and Bitfinex Recovery go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Dogecoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Recovery Right  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.