This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Yobit ForexCoin USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Yobit ForexCoin 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 ForexCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and Yobit ForexCoin
HitBTC ByteCoin USD vs Yobit ForexCoin USD
Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 2.96 times less return on investment than Yobit ForexCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 8.95 times less risky than Yobit ForexCoin. It trades about 0.49 of its potential returns per unit of risk. Yobit ForexCoin USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 0.15 in Yobit ForexCoin USD on November 16, 2017 and sell it today you would lose (0.11) from holding Yobit ForexCoin USD or give up 76.08% 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 ForexCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit ForexCoin 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 ForexCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit ForexCoin USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit ForexCoin 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 32 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ForexCoin USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.