Pair Correlation Between HitBTC DigitalNote and Yobit Dogecoin

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

HitBTC DigitalNote USD  vs.  Yobit Dogecoin USD

HitBTC

DigitalNote on HitBTC in USD
 0.01419 
0.00029  2.09%
Market Cap: 471 K
  

Yobit

Dogecoin on Yobit in USD
 0.005601 
0.000027  0.48%
Market Cap: 266
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Yobit Dogecoin. In addition to that, HitBTC DigitalNote is 1.37 times more volatile than Yobit Dogecoin USD. It trades about -0.03 of its total potential returns per unit of risk. Yobit Dogecoin USD is currently generating about -0.02 per unit of volatility. If you would invest  0.69  in Yobit Dogecoin USD on March 24, 2018 and sell it today you would lose (0.13)  from holding Yobit Dogecoin USD or give up 18.43% of portfolio value over 30 days.

Pair Corralation between HitBTC DigitalNote and Yobit Dogecoin

0.97
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC DigitalNote USD  
0 

Risk-Adjusted Performance

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

Risk-Adjusted Performance

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

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