This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Yobit BitBean USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Yobit BitBean 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 BitBean. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and Yobit BitBean
HitBTC ByteCoin USD vs Yobit BitBean USD
Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to under-perform the Yobit BitBean. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ByteCoin USD is 4.79 times less risky than Yobit BitBean. The crypto trades about -0.07 of its potential returns per unit of risk. The Yobit BitBean USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 2.90 in Yobit BitBean USD on January 24, 2018 and sell it today you would lose (0.30) from holding Yobit BitBean USD or give up 10.34% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and Yobit BitBean USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit BitBean USD 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 BitBean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit BitBean USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit BitBean go up and down completely randomly.
Over the last 30 days HitBTC ByteCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit BitBean USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.