Pair Correlation Between HitBTC DigiByte and Yobit Mineum

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

HitBTC DigiByte USD  vs.  Yobit Mineum USD

HitBTC

DigiByte on HitBTC in USD
 0.0356 
0.00002  0.0562%
Market Cap: 6.5 K
  

Yobit

Mineum on Yobit in USD
 0.031 
0.00  0.00%
Market Cap: 1.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to under-perform the Yobit Mineum. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigiByte USD is 10.84 times less risky than Yobit Mineum. The crypto trades about -0.02 of its potential returns per unit of risk. The Yobit Mineum USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  3.80  in Yobit Mineum USD on March 20, 2018 and sell it today you would lose (0.70)  from holding Yobit Mineum USD or give up 18.42% of portfolio value over 30 days.

Pair Corralation between HitBTC DigiByte and Yobit Mineum

0.11
Time Period2 Months [change]
DirectionPositive 
StrengthInsignificant
Accuracy20.0%
ValuesDaily Returns

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC DigiByte USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Mineum USD  
0 

Risk-Adjusted Performance

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

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