Pair Correlation Between HitBTC ByteCoin and Yobit MaxCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002784 
0.000135  5.1%
Market Cap: 468.3 K

Yobit

MaxCoin on Yobit in USD
 0.019 
0.00995  109.94%
Market Cap: 2.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 4.26 times less return on investment than Yobit MaxCoin. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 9.99 times less risky than Yobit MaxCoin. It trades about 0.43 of its potential returns per unit of risk. Yobit MaxCoin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  0.85  in Yobit MaxCoin USD on November 14, 2017 and sell it today you would earn a total of  0.05  from holding Yobit MaxCoin USD or generate 6.47% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit MaxCoin
-0.13

Parameters

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

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

HitBTC ByteCoin USD

Pair trading matchups for HitBTC ByteCoin

Yobit MaxCoin USD

  
12 

Risk-Adjusted Performance

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