Correlation Analysis Between Yobit Namecoin and Yobit Dogecoin

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

Yobit Namecoin USD  vs.  Yobit Dogecoin USD

Yobit

Namecoin on Yobit in USD
 1.34 
0.37  38.57%
Market Cap: 211
  

Yobit

Dogecoin on Yobit in USD
 0.003454 
0.000017  0.49%
Market Cap: 21.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Namecoin is expected to generate 1.13 times less return on investment than Yobit Dogecoin. In addition to that, Yobit Namecoin is 1.68 times more volatile than Yobit Dogecoin USD. It trades about 0.08 of its total potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.14 per unit of volatility. If you would invest  0.27  in Yobit Dogecoin USD on June 21, 2018 and sell it today you would earn a total of  0.06  from holding Yobit Dogecoin USD or generate 22.91% return on investment over 30 days.

Pair Corralation between Yobit Namecoin and Yobit Dogecoin

-0.38
Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Namecoin USD  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Namecoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.
Yobit Dogecoin USD  
9 

Risk-Adjusted Performance

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

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