Pair Correlation Between HitBTC Autumncoin and Yobit ReddCoin

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

HitBTC

Autumncoin on HitBTC in USD
 0.0176 
(0.0002)  1.12%
Market Cap: 10.8 K

Yobit

ReddCoin on Yobit in USD
 0.001778 
(0.000002)  0.11%
Market Cap: 18.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Autumncoin is expected to generate 1.36 times less return on investment than Yobit ReddCoin. In addition to that, HitBTC Autumncoin is 2.63 times more volatile than Yobit ReddCoin USD. It trades about 0.05 of its total potential returns per unit of risk. Yobit ReddCoin USD is currently generating about 0.19 per unit of volatility. If you would invest  0.12  in Yobit ReddCoin USD on November 14, 2017 and sell it today you would earn a total of  0.06  from holding Yobit ReddCoin USD or generate 49.29% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Autumncoin and Yobit ReddCoin
0.03

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Significant diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC Autumncoin USD and Yobit ReddCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit ReddCoin USD and HitBTC Autumncoin 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 HitBTC Autumncoin USD are associated (or correlated) with Yobit ReddCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit ReddCoin USD has no effect on the direction of HitBTC Autumncoin i.e. HitBTC Autumncoin and Yobit ReddCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Autumncoin USD

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Autumncoin USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

Yobit ReddCoin USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ReddCoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.