Pair Correlation Between HitBTC BitConnect and Yobit Dogecoin

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

HitBTC

BitConnect Coin on HitBTC in USD
 354.8 
8.9  2.57%
Market Cap: 8.7 M

Yobit

Dogecoin on Yobit in USD
 0.00304 
0.000285  10.34%
Market Cap: 174
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect Coin USD is expected to generate 1.973293694742699E13 times more return on investment than Yobit Dogecoin. However, HitBTC BitConnect is 1.973293694742699E13 times more volatile than Yobit Dogecoin USD. It trades about 0.18 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.44 per unit of risk. If you would invest  0.00  in HitBTC BitConnect Coin USD on November 12, 2017 and sell it today you would earn a total of  33,910  from holding HitBTC BitConnect Coin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Yobit Dogecoin
0.74

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
12 

Risk-Adjusted Performance

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

Yobit Dogecoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.