Pair Correlation Between HitBTC ByteCoin and Yobit Eurocoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002486 
0.000094  3.93%
Market Cap: 468.3 K

Yobit

Eurocoin on Yobit in USD
 0.01111 
(0.03089)  73.55%
Market Cap: 26.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 32.72 times less return on investment than Yobit Eurocoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 70.6 times less risky than Yobit Eurocoin. It trades about 0.41 of its potential returns per unit of risk. Yobit Eurocoin USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  1  in Yobit Eurocoin USD on November 13, 2017 and sell it today you would earn a total of  0.11  from holding Yobit Eurocoin USD or generate 11.1% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Eurocoin
0.13

Parameters

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

Diversification

Average diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
26 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 26 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

Pair trading matchups for HitBTC ByteCoin

Yobit Eurocoin USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Eurocoin USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

Yobit Eurocoin USD

Pair trading matchups for Yobit Eurocoin