Pair Correlation Between Yobit Cerium and HitBTC DigitalNote

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

Yobit Cerium USD  vs.  HitBTC DigitalNote USD

Yobit

Cerium on Yobit in USD
 0.0179 
0.0001  0.56%
Market Cap: 0
  

HitBTC

DigitalNote on HitBTC in USD
 0.01462 
0.00033  2.31%
Market Cap: 471 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Cerium USD is expected to generate 3.64 times more return on investment than HitBTC DigitalNote. However, Yobit Cerium is 3.64 times more volatile than HitBTC DigitalNote USD. It trades about 0.09 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about -0.01 per unit of risk. If you would invest  5.00  in Yobit Cerium USD on March 28, 2018 and sell it today you would lose (3.21)  from holding Yobit Cerium USD or give up 64.2% of portfolio value over 30 days.

Pair Corralation between Yobit Cerium and HitBTC DigitalNote

-0.58
Time Period2 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy98.36%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Cerium USD  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Cerium USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigitalNote USD  
0 

Risk-Adjusted Performance

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

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