Pair Correlation Between HitBTC ByteCoin and Yobit Gamecredits

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

HitBTC

ByteCoin on HitBTC in USD
 0.004636 
0.000007  0.15%
Market Cap: 99.5 K

Yobit

Gamecredits on Yobit in USD
 2.07 
0.02  0.98%
Market Cap: 332
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to under-perform the Yobit Gamecredits. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ByteCoin USD is 2.87 times less risky than Yobit Gamecredits. The crypto trades about -0.07 of its potential returns per unit of risk. The Yobit Gamecredits USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest  380.00  in Yobit Gamecredits USD on January 25, 2018 and sell it today you would lose (160.00)  from holding Yobit Gamecredits USD or give up 42.11% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Gamecredits
0.68

Parameters

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

Diversification

Poor diversification

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

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Gamecredits USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

Yobit Gamecredits USD

Pair trading matchups for Yobit Gamecredits