Pair Correlation Between Yobit Ratecoin and HitBTC DigitalNote

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

Yobit

Ratecoin on Yobit in USD
 0.018 
0.0118  190.32%
Market Cap: 12.0

HitBTC

DigitalNote on HitBTC in USD
 0.03003 
(0.00274)  8.36%
Market Cap: 680.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Ratecoin USD is expected to generate 8.3 times more return on investment than HitBTC DigitalNote. However, Yobit Ratecoin is 8.3 times more volatile than HitBTC DigitalNote USD. It trades about 0.22 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.2 per unit of risk. If you would invest  0.5  in Yobit Ratecoin USD on December 20, 2017 and sell it today you would earn a total of  0.12  from holding Yobit Ratecoin USD or generate 24.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Ratecoin and HitBTC DigitalNote
0.43

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 Ratecoin 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 Ratecoin 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 Ratecoin 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 Ratecoin i.e. Yobit Ratecoin and HitBTC DigitalNote go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Ratecoin USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Ratecoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit Ratecoin USD

Pair trading matchups for Yobit Ratecoin

HitBTC DigitalNote USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote