Pair Correlation Between HitBTC ByteCoin and Yobit SibCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.008097 
0.000767  10.46%
Market Cap: 476.8 K

Yobit

SibCoin on Yobit in USD
 3.4 
0.1  3.03%
Market Cap: 1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.28 times more return on investment than Yobit SibCoin. However, HitBTC ByteCoin is 1.28 times more volatile than Yobit SibCoin USD. It trades about 0.14 of its potential returns per unit of risk. Yobit SibCoin USD is currently generating about 0.09 per unit of risk. If you would invest  0.51  in HitBTC ByteCoin USD on December 21, 2017 and sell it today you would earn a total of  0.22  from holding HitBTC ByteCoin USD or generate 42.61% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit SibCoin
-0.17

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SibCoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Yobit SibCoin USD

Pair trading matchups for Yobit SibCoin