Pair Correlation Between Yobit ReturnBit and HitBTC DigitalNote

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

Yobit

ReturnBit on Yobit in USD
 0.00117 
0.00012  11.43%
Market Cap: 22.0

HitBTC

DigitalNote on HitBTC in USD
 0.02889 
(0.0063)  17.9%
Market Cap: 1.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit ReturnBit USD is expected to generate 6.26 times more return on investment than HitBTC DigitalNote. However, Yobit ReturnBit is 6.26 times more volatile than HitBTC DigitalNote USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.23 per unit of risk. If you would invest  1.22  in Yobit ReturnBit USD on December 17, 2017 and sell it today you would lose (1.1)  from holding Yobit ReturnBit USD or give up 90.4% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit ReturnBit and HitBTC DigitalNote
0.78

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit ReturnBit USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ReturnBit USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.