Correlation Analysis Between Yobit Namecoin and Yobit CannabisCoin

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

Yobit Namecoin USD  vs.  Yobit CannabisCoin USD

Yobit

Namecoin on Yobit in USD

 0.64 
0.0273  4.48%
Market Cap: 6.0
  

Yobit

CannabisCoin on Yobit in USD

 0.01674 
0.00344  25.86%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Namecoin is expected to generate 38.04 times less return on investment than Yobit CannabisCoin. But when comparing it to its historical volatility, Yobit Namecoin USD is 2.49 times less risky than Yobit CannabisCoin. It trades about 0.01 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  1.20  in Yobit CannabisCoin USD on September 18, 2018 and sell it today you would earn a total of  0.47  from holding Yobit CannabisCoin USD or generate 39.5% return on investment over 30 days.

Pair Corralation between Yobit Namecoin and Yobit CannabisCoin

0.22
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 Namecoin USD and Yobit CannabisCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit CannabisCoin 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 CannabisCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit CannabisCoin USD has no effect on the direction of Yobit Namecoin i.e. Yobit Namecoin and Yobit CannabisCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Namecoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Namecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit CannabisCoin USD  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
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