Pair Correlation Between Yobit Golem and HitBTC DigitalNote

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

Yobit Golem Network Token USD  vs.  HitBTC DigitalNote USD

Yobit

Golem Network Token on Yobit in USD
 0.55 
0.0001  0.0182%
Market Cap: 310
  

HitBTC

DigitalNote on HitBTC in USD
 0.01448 
0.00016  1.12%
Market Cap: 471 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Golem Network Token USD is expected to generate 2.08 times more return on investment than HitBTC DigitalNote. However, Yobit Golem is 2.08 times more volatile than HitBTC DigitalNote USD. It trades about 0.12 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about -0.03 per unit of risk. If you would invest  36.94  in Yobit Golem Network Token USD on March 24, 2018 and sell it today you would earn a total of  26.06  from holding Yobit Golem Network Token USD or generate 70.55% return on investment over 30 days.

Pair Corralation between Yobit Golem and HitBTC DigitalNote

0.84
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Golem Network  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.
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.

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The Wendys Company
Fama & French Restaurants Hotels Motels
Restaurants Hotels Motels
Fama & French Classification
RegionNorth America
ExchangeNASDAQ
$17.22

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See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.