Correlation Analysis Between Yobit Rimbit and Yobit Dogecoin

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

Yobit Rimbit USD  vs.  Yobit Dogecoin USD

Yobit

Rimbit on Yobit in USD
 0.001958 
0.00093  90.47%
Market Cap: 2.0
  

Yobit

Dogecoin on Yobit in USD
 0.002946 
0.00001  0.34%
Market Cap: 18.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Rimbit USD is expected to generate 10.48 times more return on investment than Yobit Dogecoin. However, Yobit Rimbit is 10.48 times more volatile than Yobit Dogecoin USD. It trades about 0.21 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about -0.27 per unit of risk. If you would invest  0.11  in Yobit Rimbit USD on May 19, 2018 and sell it today you would earn a total of  0.09  from holding Yobit Rimbit USD or generate 77.36% return on investment over 30 days.

Pair Corralation between Yobit Rimbit and Yobit Dogecoin

-0.66
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Rimbit 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 Rimbit 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 Rimbit 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 Rimbit i.e. Yobit Rimbit and Yobit Dogecoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Rimbit USD  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Rimbit USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.
Yobit Dogecoin USD  
0 

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try World Markets Correlation module to find global opportunities by holding instruments from different markets.