Pair Correlation Between Yobit BitTokens and HitBTC DigitalNote

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

Yobit

BitTokens on Yobit in USD
 2.45 
1  68.97%
Market Cap: 39.0

HitBTC

DigitalNote on HitBTC in USD
 0.0253 
(0.00989)  28.1%
Market Cap: 1.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BitTokens USD is expected to generate 8.15 times more return on investment than HitBTC DigitalNote. However, Yobit BitTokens is 8.15 times more volatile than HitBTC DigitalNote USD. It trades about 0.24 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.26 per unit of risk. 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 Yobit BitTokens and HitBTC DigitalNote
0.42

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

Comparative Volatility

 Predicted Return Density 
      Returns 

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.

HitBTC DigitalNote USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.