Correlation Analysis Between Yobit Global and Bitfinex ZCash

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

Comparative Performance

Yobit Global Currency  
0

Risk-Adjusted Performance

Over the last 30 days Yobit Global Currency Reserve USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex ZCash USD  
0

Risk-Adjusted Performance

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

Yobit Global and Bitfinex ZCash Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Global Currency Reserve   vs.  Bitfinex ZCash USD

Yobit

Global Currency Reserve on Yobit in USD

 0.02501 
0.00  0.00%
Market Cap: 0
  

Bitfinex

ZCash on Bitfinex in USD

 50.20 
(1.08)  2.11%
Market Cap: 9.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Global Currency Reserve USD is expected to under-perform the Bitfinex ZCash. In addition to that, Yobit Global is 1.99 times more volatile than Bitfinex ZCash USD. It trades about -0.27 of its total potential returns per unit of risk. Bitfinex ZCash USD is currently generating about -0.22 per unit of volatility. If you would invest  11,467  in Bitfinex ZCash USD on November 14, 2018 and sell it today you would lose (6,339)  from holding Bitfinex ZCash USD or give up 55.28% of portfolio value over 30 days.

Pair Corralation between Yobit Global and Bitfinex ZCash

0.82
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy91.11%
ValuesDaily Returns

Diversification Opportunities for Yobit Global and Bitfinex ZCash

Yobit Global Currency Reserve  diversification synergy

Very poor diversification

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

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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.


 
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