Pair Correlation Between HitBTC BitConnect and Yobit Gamecredits

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

HitBTC

BitConnect Coin on HitBTC in USD
 448 
12.7  2.92%
Market Cap: 9.9 M

Yobit

Gamecredits on Yobit in USD
 2.45 
0.24  10.86%
Market Cap: 51.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 1.83 times less return on investment than Yobit Gamecredits. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 3.66 times less risky than Yobit Gamecredits. It trades about 0.23 of its potential returns per unit of risk. Yobit Gamecredits USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  220  in Yobit Gamecredits USD on November 16, 2017 and sell it today you would earn a total of  25  from holding Yobit Gamecredits USD or generate 11.36% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Yobit Gamecredits
0.31

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC BitConnect Coin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Yobit Gamecredits USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Gamecredits USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.