Pair Correlation Between HitBTC ByteCoin and Yobit Golem

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

HitBTC

ByteCoin on HitBTC in USD
 0.005681 
0.000553  10.78%
Market Cap: 476.8 K

Yobit

Golem Network Token on Yobit in USD
 0.83 
0.12  16.9%
Market Cap: 612
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.84 times more return on investment than Yobit Golem. However, HitBTC ByteCoin is 1.84 times more volatile than Yobit Golem Network Token USD. It trades about 0.14 of its potential returns per unit of risk. Yobit Golem Network Token USD is currently generating about 0.07 per unit of risk. If you would invest  0.44  in HitBTC ByteCoin USD on December 18, 2017 and sell it today you would earn a total of  0.19  from holding HitBTC ByteCoin USD or generate 43.88% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Golem
0.62

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

Yobit Golem Network

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Yobit Golem Network Token USD

Pair trading matchups for Yobit Golem