Pair Correlation Between Yobit PantherCoin and HitBTC Emercoin

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

Yobit

PantherCoin on Yobit in USD
 0.00008 
(0.00029)  78.38%
Market Cap: 0

HitBTC

Emercoin on HitBTC in USD
 6.36 
(1.33)  17.3%
Market Cap: 1.5 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit PantherCoin USD is expected to generate 1.23 times more return on investment than HitBTC Emercoin. However, Yobit PantherCoin is 1.23 times more volatile than HitBTC Emercoin USD. It trades about 0.29 of its potential returns per unit of risk. HitBTC Emercoin USD is currently generating about 0.2 per unit of risk. If you would invest  0.01  in Yobit PantherCoin USD on December 17, 2017 and sell it today you would lose (0.01)  from holding Yobit PantherCoin USD or give up 46.31% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit PantherCoin and HitBTC Emercoin
0.28

Parameters

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

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit PantherCoin USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit PantherCoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

HitBTC Emercoin USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.