Pair Correlation Between Yobit Reddcoin and HitBTC DigitalCash

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

Yobit Reddcoin USD  vs.  HitBTC DigitalCash USD

Yobit

Reddcoin on Yobit in USD
 0.008119 
0.000718  9.70%
Market Cap: 3.9 K
  

HitBTC

DigitalCash on HitBTC in USD
 476.71 
28.65  6.39%
Market Cap: 2.7 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Reddcoin USD is expected to generate 1.39 times more return on investment than HitBTC DigitalCash. However, Yobit Reddcoin is 1.39 times more volatile than HitBTC DigitalCash USD. It trades about 0.01 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.08 per unit of risk. If you would invest  0.91  in Yobit Reddcoin USD on March 23, 2018 and sell it today you would lose (0.11)  from holding Yobit Reddcoin USD or give up 12.58% of portfolio value over 30 days.

Pair Corralation between Yobit Reddcoin and HitBTC DigitalCash

0.8
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 Reddcoin 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 Reddcoin 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 Reddcoin 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 Reddcoin i.e. Yobit Reddcoin and HitBTC DigitalCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Reddcoin USD  
0 

Risk-Adjusted Performance

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

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Fama & French Restaurants Hotels Motels
Restaurants Hotels Motels
Fama & French Classification
RegionNorth America
ExchangeNASDAQ
$17.15

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