Pair Correlation Between Yobit Rise and HitBTC DigitalCash

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

Yobit

Rise on Yobit in USD
 0.73 
(0.14)  16.09%
Market Cap: 141

HitBTC

DigitalCash on HitBTC in USD
 824.79 
8.19  1%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Rise USD is expected to generate 4.19 times more return on investment than HitBTC DigitalCash. However, Yobit Rise is 4.19 times more volatile than HitBTC DigitalCash USD. It trades about 0.17 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.19 per unit of risk. If you would invest  46  in Yobit Rise USD on December 20, 2017 and sell it today you would earn a total of  27  from holding Yobit Rise USD or generate 58.7% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Rise and HitBTC DigitalCash
0.52

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Rise USD

  
11 

Risk-Adjusted Performance

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

Yobit Rise USD

Pair trading matchups for Yobit Rise

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