Pair Correlation Between Yobit SibCoin and HitBTC NEM

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

Yobit

SibCoin on Yobit in USD
 3.3 
(0.54)  14.06%
Market Cap: 1 K

HitBTC

NEM on HitBTC in USD
 1.11 
0.06  5.71%
Market Cap: 21.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit SibCoin USD is expected to generate 1.25 times more return on investment than HitBTC NEM. However, Yobit SibCoin is 1.25 times more volatile than HitBTC NEM USD. It trades about 0.1 of its potential returns per unit of risk. HitBTC NEM USD is currently generating about 0.11 per unit of risk. If you would invest  300  in Yobit SibCoin USD on December 20, 2017 and sell it today you would earn a total of  30  from holding Yobit SibCoin USD or generate 10.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit SibCoin and HitBTC NEM
0.26

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 SibCoin USD and HitBTC NEM USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC NEM USD and Yobit SibCoin 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 SibCoin USD are associated (or correlated) with HitBTC NEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC NEM USD has no effect on the direction of Yobit SibCoin i.e. Yobit SibCoin and HitBTC NEM go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit SibCoin USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SibCoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit SibCoin USD

Pair trading matchups for Yobit SibCoin

HitBTC NEM USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

HitBTC NEM USD

Pair trading matchups for HitBTC NEM