Pair Correlation Between HitBTC ByteCoin and Yobit Dogecoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.005076 
0.000191  3.91%
Market Cap: 99.5 K

Yobit

Dogecoin on Yobit in USD
 0.006801 
0.000201  3.05%
Market Cap: 2.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to under-perform the Yobit Dogecoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ByteCoin USD is 1.12 times less risky than Yobit Dogecoin. The crypto trades about -0.05 of its potential returns per unit of risk. The Yobit Dogecoin USD is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  0.76  in Yobit Dogecoin USD on January 24, 2018 and sell it today you would lose (0.08)  from holding Yobit Dogecoin USD or give up 10.98% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Dogecoin
0.9

Parameters

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

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC ByteCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Yobit Dogecoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.