Pair Correlation Between HitBTC BitConnect and Yobit DebitCoin

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

HitBTC

BitConnect Coin on HitBTC in USD
 424.4 
(4.4)  1.03%
Market Cap: 9.9 M

Yobit

DebitCoin on Yobit in USD
 0.01 
(0.0009)  8.26%
Market Cap: 6.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 22.46 times less return on investment than Yobit DebitCoin. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 29.29 times less risky than Yobit DebitCoin. It trades about 0.25 of its potential returns per unit of risk. Yobit DebitCoin USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  0.26  in Yobit DebitCoin USD on November 17, 2017 and sell it today you would earn a total of  0.64  from holding Yobit DebitCoin USD or generate 242.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Yobit DebitCoin
0.04

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

Yobit DebitCoin USD

  
12 

Risk-Adjusted Performance

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