Pair Correlation Between Yobit NameCoin and Yobit BitTokens

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

Yobit

NameCoin on Yobit in USD
 5.22 
(1.38)  20.91%
Market Cap: 484

Yobit

BitTokens on Yobit in USD
 2.45 
1  68.97%
Market Cap: 39.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit NameCoin is expected to generate 18.71 times less return on investment than Yobit BitTokens. But when comparing it to its historical volatility, Yobit NameCoin USD is 11.02 times less risky than Yobit BitTokens. It trades about 0.14 of its potential returns per unit of risk. Yobit BitTokens USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  299  in Yobit BitTokens USD on December 17, 2017 and sell it today you would lose (54)  from holding Yobit BitTokens USD or give up 18.06% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit NameCoin and Yobit BitTokens
0.43

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 NameCoin USD and Yobit BitTokens USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit BitTokens USD and Yobit NameCoin 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 NameCoin USD are associated (or correlated) with Yobit BitTokens. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit BitTokens USD has no effect on the direction of Yobit NameCoin i.e. Yobit NameCoin and Yobit BitTokens go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit NameCoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit NameCoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Yobit BitTokens USD

  
15 

Risk-Adjusted Performance

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