Pair Correlation Between HitBTC BitConnect and Yobit UnitaryStatus

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

HitBTC

BitConnect Coin on HitBTC in USD
 439 
39  9.75%
Market Cap: 9.9 M

Yobit

UnitaryStatus Dollar on Yobit in USD
 0.000187 
(0.000004)  2.09%
Market Cap: 13.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC BitConnect is expected to generate 3.81 times less return on investment than Yobit UnitaryStatus. But when comparing it to its historical volatility, HitBTC BitConnect Coin USD is 3.87 times less risky than Yobit UnitaryStatus. It trades about 0.2 of its potential returns per unit of risk. Yobit UnitaryStatus Dollar USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest  0.01  in Yobit UnitaryStatus Dollar USD on November 16, 2017 and sell it today you would earn a total of  0.01  from holding Yobit UnitaryStatus Dollar USD or generate 85.15% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC BitConnect and Yobit UnitaryStatus
0.41

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC BitConnect Coin

  
13 

Risk-Adjusted Performance

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

Yobit UnitaryStatus

  
13 

Risk-Adjusted Performance

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