Pair Correlation Between Yobit SpaceCoin and HitBTC ByteCoin

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

Yobit

SpaceCoin on Yobit in USD
 0.0288 
0.0141  95.92%
Market Cap: 558

HitBTC

ByteCoin on HitBTC in USD
 0.007726 
0.000396  5.4%
Market Cap: 476.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit SpaceCoin USD is expected to generate 8.48 times more return on investment than HitBTC ByteCoin. However, Yobit SpaceCoin is 8.48 times more volatile than HitBTC ByteCoin USD. It trades about 0.29 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.14 per unit of risk. If you would invest  0.2  in Yobit SpaceCoin USD on December 21, 2017 and sell it today you would earn a total of  2.68  from holding Yobit SpaceCoin USD or generate 1340.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit SpaceCoin and HitBTC ByteCoin
0.56

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit SpaceCoin USD

  
0 

Risk-Adjusted Performance

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

Yobit SpaceCoin USD

Pair trading matchups for Yobit SpaceCoin

HitBTC ByteCoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.