Pair Correlation Between HitBTC ByteCoin and Yobit 2BACCO

This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Yobit 2BACCO Coin USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Yobit 2BACCO 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 ByteCoin with a short position of Yobit 2BACCO. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC ByteCoin and Yobit 2BACCO.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC ByteCoin USD  vs   Yobit 2BACCO Coin USD

HitBTC

ByteCoin on HitBTC in USD
 0.002553 
(0.000155)  5.72%
Market Cap: 468.3 K

Yobit

2BACCO Coin on Yobit in USD
 0.000113 
(0.000326)  74.26%
Market Cap: 29.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.019001747452518E13 times less return on investment than Yobit 2BACCO. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 2.543320724022171E13 times less risky than Yobit 2BACCO. It trades about 0.45 of its potential returns per unit of risk. Yobit 2BACCO Coin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit 2BACCO Coin USD on November 12, 2017 and sell it today you would earn a total of  0.04  from holding Yobit 2BACCO Coin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit 2BACCO
0.66

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and Yobit 2BACCO Coin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit 2BACCO Coin and HitBTC ByteCoin 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 ByteCoin USD are associated (or correlated) with Yobit 2BACCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit 2BACCO Coin has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit 2BACCO go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
29 

Risk-Adjusted Performance

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

Yobit 2BACCO Coin

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit 2BACCO Coin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.