Pair Correlation Between HitBTC ByteCoin and Yobit Moneta

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

HitBTC

ByteCoin on HitBTC in USD
 0.003813 
0.000376  10.94%
Market Cap: 456.4 K

Yobit

Moneta on Yobit in USD
 0.0006 
(0.0002)  25%
Market Cap: 0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 11.42 times less return on investment than Yobit Moneta. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 28.29 times less risky than Yobit Moneta. It trades about 0.58 of its potential returns per unit of risk. Yobit Moneta USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  0.01  in Yobit Moneta USD on November 17, 2017 and sell it today you would earn a total of  0.05  from holding Yobit Moneta USD or generate 538.3% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Moneta
-0.02

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 Moneta USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Moneta 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 Moneta. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Moneta USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit Moneta go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
38 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 38 (%) of all global equities and portfolios over the last 30 days.

Yobit Moneta USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Moneta USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.