Correlation Analysis Between Yobit Waves and Yobit SpaceCoin

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

Yobit Waves USD  vs.  Yobit SpaceCoin USD

Yobit

Waves on Yobit in USD
 3.12 
0.09  2.80%
Market Cap: 27.4 K
  

Yobit

SpaceCoin on Yobit in USD
 0.00445 
0.000051  1.13%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Waves USD is expected to under-perform the Yobit SpaceCoin. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Waves USD is 6.92 times less risky than Yobit SpaceCoin. The crypto trades about -0.24 of its potential returns per unit of risk. The Yobit SpaceCoin USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  0.46  in Yobit SpaceCoin USD on May 24, 2018 and sell it today you would lose (0.02)  from holding Yobit SpaceCoin USD or give up 3.45% of portfolio value over 30 days.

Pair Corralation between Yobit Waves and Yobit SpaceCoin

0.58
Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Waves USD  
0 

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.