Pair Correlation Between HitBTC DigiByte and Yobit Armory

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

HitBTC

DigiByte on HitBTC in USD
 0.068 
0.0063  10.21%
Market Cap: 63 K

Yobit

Armory Coin on Yobit in USD
 0.0002658 
(0.0000002)  0.0752%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte is expected to generate 6.74 times less return on investment than Yobit Armory. But when comparing it to its historical volatility, HitBTC DigiByte USD is 4.83 times less risky than Yobit Armory. It trades about 0.16 of its potential returns per unit of risk. Yobit Armory Coin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.05  in Yobit Armory Coin USD on December 21, 2017 and sell it today you would lose (0.03)  from holding Yobit Armory Coin USD or give up 77.51% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigiByte and Yobit Armory
0.31

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigiByte USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte

Yobit Armory Coin

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Armory Coin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit Armory Coin USD

Pair trading matchups for Yobit Armory