Pair Correlation Between Yobit LeaCoin and Yobit Waves

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

Yobit

LeaCoin on Yobit in USD
 0.0007 
(0.0002)  22.22%
Market Cap: 8.0

Yobit

Waves on Yobit in USD
 8.57 
(0.81)  8.64%
Market Cap: 659.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit LeaCoin USD is expected to generate 33.34 times more return on investment than Yobit Waves. However, Yobit LeaCoin is 33.34 times more volatile than Yobit Waves USD. It trades about 0.23 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.19 per unit of risk. If you would invest  0.05  in Yobit LeaCoin USD on December 18, 2017 and sell it today you would earn a total of  0.04  from holding Yobit LeaCoin USD or generate 80.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit LeaCoin and Yobit Waves
0.42

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit LeaCoin USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit LeaCoin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Yobit LeaCoin USD

Pair trading matchups for Yobit LeaCoin

Yobit Waves USD

  
0 

Risk-Adjusted Performance

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

Yobit Waves USD

Pair trading matchups for Yobit Waves