Correlation Analysis Between Yobit Iconic and Yobit EthereumScrypt

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

Yobit Iconic USD  vs.  Yobit EthereumScrypt USD

Yobit

Iconic on Yobit in USD
 0.046 
0.02388  34.17%
Market Cap: 12.0
  

Yobit

EthereumScrypt on Yobit in USD
 0.009657 
0.000143  1.46%
Market Cap: 8.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Iconic USD is expected to generate 7.04 times more return on investment than Yobit EthereumScrypt. However, Yobit Iconic is 7.04 times more volatile than Yobit EthereumScrypt USD. It trades about 0.06 of its potential returns per unit of risk. Yobit EthereumScrypt USD is currently generating about -0.19 per unit of risk. If you would invest  7.31  in Yobit Iconic USD on May 21, 2018 and sell it today you would lose (2.71)  from holding Yobit Iconic USD or give up 37.06% of portfolio value over 30 days.

Pair Corralation between Yobit Iconic and Yobit EthereumScrypt

0.15
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Iconic USD  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Iconic USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Yobit EthereumScrypt USD  
0 

Risk-Adjusted Performance

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

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ExchangeNASDAQ
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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.