We present results from the XMM-Newton observations of the dwarf nova YZ Cnc in a quiescent state .
We have performed a detailed time series analysis of the resulting light curves .
Unusually , we do not detect any orbital modulation in the UV , with only marginal evidence for X-ray modulation on this period .
Although there are peaks in the X-ray periodograms at periods less than 5000 s , we attribute them to red noise effects and assign significance to them using a novel approach .
The variability in the UV and optical bands can also be modelled as a result of aperiodic variability ( red noise ) in the system .
There is evidence that the UV and X-ray fluxes are anti-correlated with a time delay of about 100 s , with the UV lagging behind the X-ray emission .
This anti-correlation is intriguing , but is only present on two occasions lasting several 1000 s each .
The X-ray spectrum shows similar emission features to other dwarf novae and is well fitted using a multi-temperature emission model .
We measure a relatively high X-ray luminosity of \sim 1.4 \times 10 ^ { 32 } ergs/s , although this is consistent with a low binary inclination .
Finally , we find evidence for a possible -1200km/s blue shift in the fitted Fe K line energies , possibly indicating the presence of an outflow in this low inclination system .