Correlation Analysis Between Yobit Waves and Yobit CannabisCoin

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

Comparative Performance

Yobit Waves USD  
6

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Waves USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.
Yobit CannabisCoin USD  
2

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CannabisCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Yobit Waves and Yobit CannabisCoin Volatility Contrast

 Predicted Return Density 
      Returns 

Yobit Waves USD  vs.  Yobit CannabisCoin USD

Yobit

Waves on Yobit in USD

 2.50 
(0.08)  3.10%
Market Cap: 6.0
  

Yobit

CannabisCoin on Yobit in USD

 0.00735 
(0.000079)  1.06%
Market Cap: 7.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Waves USD is expected to generate 0.52 times more return on investment than Yobit CannabisCoin. However, Yobit Waves USD is 1.93 times less risky than Yobit CannabisCoin. It trades about 0.09 of its potential returns per unit of risk. Yobit CannabisCoin USD is currently generating about 0.04 per unit of risk. If you would invest  202.00  in Yobit Waves USD on November 14, 2018 and sell it today you would earn a total of  48.00  from holding Yobit Waves USD or generate 23.76% return on investment over 30 days.

Pair Corralation between Yobit Waves and Yobit CannabisCoin

0.37
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Yobit Waves and Yobit CannabisCoin

Yobit Waves USD diversification synergy

Weak diversification

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

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