Pair Correlation Between Yobit Reddcoin and Yobit CometCoin

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

Yobit Reddcoin USD  vs.  Yobit CometCoin USD

Yobit

Reddcoin on Yobit in USD
 0.008094 
0.000781  10.68%
Market Cap: 3.9 K
  

Yobit

CometCoin on Yobit in USD
 0.15 
0.0228  17.94%
Market Cap: 756
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Reddcoin USD is expected to under-perform the Yobit CometCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Reddcoin USD is 3.76 times less risky than Yobit CometCoin. The crypto trades about -0.01 of its potential returns per unit of risk. The Yobit CometCoin USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  15.00  in Yobit CometCoin USD on March 23, 2018 and sell it today you would lose (0.01)  from holding Yobit CometCoin USD or give up 0.07% of portfolio value over 30 days.

Pair Corralation between Yobit Reddcoin and Yobit CometCoin

0.42
Time Period2 Months [change]
DirectionPositive 
StrengthWeak
Accuracy98.36%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Reddcoin USD  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Reddcoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit CometCoin USD  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CometCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

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