Pair Correlation Between Yobit EmberCoin and Yobit Dogecoin

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

Yobit

EmberCoin on Yobit in USD
 0.0002002 
(0.0000528)  20.87%
Market Cap: 2.5 K

Yobit

Dogecoin on Yobit in USD
 0.009599 
(0.002901)  23.21%
Market Cap: 303.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit EmberCoin USD is expected to generate 3.94 times more return on investment than Yobit Dogecoin. However, Yobit EmberCoin is 3.94 times more volatile than Yobit Dogecoin USD. It trades about 0.29 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.22 per unit of risk. If you would invest  0.00  in Yobit EmberCoin USD on December 17, 2017 and sell it today you would earn a total of  0.02  from holding Yobit EmberCoin USD or generate 456.11% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit EmberCoin and Yobit Dogecoin
0.21

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit EmberCoin USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit EmberCoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Yobit Dogecoin USD

  
14 

Risk-Adjusted Performance

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