This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Yobit Bitshares USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Yobit Bitshares 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 Bitshares. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and Yobit Bitshares
HitBTC ByteCoin USD vs Yobit Bitshares USD
Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.82 times less return on investment than Yobit Bitshares. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 5.03 times less risky than Yobit Bitshares. It trades about 0.58 of its potential returns per unit of risk. Yobit Bitshares USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 38.3 in Yobit Bitshares USD on November 17, 2017 and sell it today you would earn a total of 64.7 from holding Yobit Bitshares USD or generate 168.93% return on investment 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 Bitshares USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Bitshares 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 Bitshares. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Bitshares USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit Bitshares go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 38 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitshares USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.