Pair Correlation Between Yobit Decred and HitBTC DigitalCash

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

Yobit

Decred on Yobit in USD
 91 
1  1.11%
Market Cap: 427.8 K

HitBTC

DigitalCash on HitBTC in USD
 681.65 
(233.48)  25.51%
Market Cap: 3.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred USD is expected to generate 0.93 times more return on investment than HitBTC DigitalCash. However, Yobit Decred USD is 1.08 times less risky than HitBTC DigitalCash. It trades about 0.06 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.13 per unit of risk. If you would invest  8,600  in Yobit Decred USD on December 18, 2017 and sell it today you would earn a total of  500  from holding Yobit Decred USD or generate 5.81% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Decred and HitBTC DigitalCash
0.33

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Decred USD

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

Pair trading matchups for Yobit Decred

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash