Pair Correlation Between Yobit CometCoin and HitBTC DigitalNote

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

Yobit

CometCoin on Yobit in USD
 0.3 
(0.36)  54.55%
Market Cap: 4.0

HitBTC

DigitalNote on HitBTC in USD
 0.02793 
0.00157  5.96%
Market Cap: 680.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CometCoin USD is expected to generate 12.15 times more return on investment than HitBTC DigitalNote. However, Yobit CometCoin is 12.15 times more volatile than HitBTC DigitalNote USD. It trades about 0.31 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.18 per unit of risk. If you would invest  13.5  in Yobit CometCoin USD on December 20, 2017 and sell it today you would earn a total of  26.5  from holding Yobit CometCoin USD or generate 196.3% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CometCoin and HitBTC DigitalNote
0.66

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy76.67%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit CometCoin USD

  
20 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CometCoin USD are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days.

Yobit CometCoin USD

Pair trading matchups for Yobit CometCoin

HitBTC DigitalNote USD

  
12 

Risk-Adjusted Performance

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

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote