Pair Correlation Between HitBTC DigitalCash and Yobit SpaceCoin

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

HitBTC

DigitalCash on HitBTC in USD
 850.18 
25.39  3.08%
Market Cap: 2.6 B

Yobit

SpaceCoin on Yobit in USD
 0.0147 
(0.02528)  63.23%
Market Cap: 558
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Yobit SpaceCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 27.71 times less risky than Yobit SpaceCoin. The crypto trades about -0.19 of its potential returns per unit of risk. The Yobit SpaceCoin USD is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest  0.2  in Yobit SpaceCoin USD on December 20, 2017 and sell it today you would earn a total of  1.27  from holding Yobit SpaceCoin USD or generate 635.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Yobit SpaceCoin
0.22

Parameters

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

Diversification

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash 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 HitBTC DigitalCash 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 DigitalCash 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 HitBTC DigitalCash i.e. HitBTC DigitalCash and Yobit SpaceCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigitalCash USD has generated negative risk-adjusted returns adding no value to investors with long positions.

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash

Yobit SpaceCoin USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SpaceCoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Yobit SpaceCoin USD

Pair trading matchups for Yobit SpaceCoin