Pair Correlation Between HitBTC NEM and Yobit BitTokens

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

HitBTC

NEM on HitBTC in USD
 1.03 
(0.35)  25.36%
Market Cap: 83.1 K

Yobit

BitTokens on Yobit in USD
 2.45 
1  68.97%
Market Cap: 39.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC NEM is expected to generate 20.28 times less return on investment than Yobit BitTokens. But when comparing it to its historical volatility, HitBTC NEM USD is 15.94 times less risky than Yobit BitTokens. It trades about 0.19 of its potential returns per unit of risk. Yobit BitTokens USD is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest  299  in Yobit BitTokens USD on December 17, 2017 and sell it today you would lose (54)  from holding Yobit BitTokens USD or give up 18.06% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC NEM and Yobit BitTokens
0.49

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC NEM USD

  
12 

Risk-Adjusted Performance

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

Yobit BitTokens USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitTokens USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.