Pair Correlation Between HitBTC DigiByte and Yobit Dogecoin

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

HitBTC

DigiByte on HitBTC in USD
 0.0642 
(0.0269)  29.53%
Market Cap: 35.3 K

Yobit

Dogecoin on Yobit in USD
 0.00953 
(0.00297)  23.76%
Market Cap: 303.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 1.41 times more return on investment than Yobit Dogecoin. However, HitBTC DigiByte is 1.41 times more volatile than Yobit Dogecoin USD. It trades about 0.2 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.22 per unit of risk. If you would invest  3.3  in HitBTC DigiByte USD on December 17, 2017 and sell it today you would earn a total of  3.12  from holding HitBTC DigiByte USD or generate 94.55% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigiByte and Yobit Dogecoin
0.88

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigiByte USD

  
12 

Risk-Adjusted Performance

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

Yobit Dogecoin USD

  
14 

Risk-Adjusted Performance

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