Pair Correlation Between HitBTC ByteCoin and Yobit ReddCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.008155 
0.000825  11.26%
Market Cap: 476.8 K

Yobit

ReddCoin on Yobit in USD
 0.01594 
(0.00055)  3.34%
Market Cap: 20.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.08 times less return on investment than Yobit ReddCoin. In addition to that, HitBTC ByteCoin is 1.25 times more volatile than Yobit ReddCoin USD. It trades about 0.14 of its total potential returns per unit of risk. Yobit ReddCoin USD is currently generating about 0.19 per unit of volatility. If you would invest  0.85  in Yobit ReddCoin USD on December 21, 2017 and sell it today you would earn a total of  0.74  from holding Yobit ReddCoin USD or generate 87.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit ReddCoin
0.88

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy96.77%
ValuesDaily Returns

Diversification

Very poor diversification

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

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ReddCoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Yobit ReddCoin USD

Pair trading matchups for Yobit ReddCoin