Pair Correlation Between Yobit Dogecoin and Yobit HempCoin

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

Yobit

Dogecoin on Yobit in USD
 0.00737 
0.00021  2.93%
Market Cap: 40.4 K

Yobit

HempCoin on Yobit in USD
 0.0001399 
0.0000139  11.03%
Market Cap: 4.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to under-perform the Yobit HempCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Dogecoin USD is 7.7 times less risky than Yobit HempCoin. The crypto trades about -0.01 of its potential returns per unit of risk. The Yobit HempCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  0.01  in Yobit HempCoin USD on December 25, 2017 and sell it today you would lose  0.00  from holding Yobit HempCoin USD or give up 3.08% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Dogecoin and Yobit HempCoin
0.5

Parameters

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

Diversification

Very weak diversification

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

Yobit Dogecoin USD

Pair trading matchups for Yobit Dogecoin

Yobit HempCoin USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit HempCoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Yobit HempCoin USD

Pair trading matchups for Yobit HempCoin