Pair Correlation Between HitBTC ByteCoin and Yobit Rimbit

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

HitBTC

ByteCoin on HitBTC in USD
 0.002745 
0.000096  3.62%
Market Cap: 468.3 K

Yobit

Rimbit on Yobit in USD
 0.0003005 
(0.0001095)  26.71%
Market Cap: 20.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 5.56 times less return on investment than Yobit Rimbit. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 15.23 times less risky than Yobit Rimbit. It trades about 0.43 of its potential returns per unit of risk. Yobit Rimbit USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  0.06  in Yobit Rimbit USD on November 14, 2017 and sell it today you would lose (0.03)  from holding Yobit Rimbit USD or give up 49.92% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Rimbit
0.42

Parameters

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

Diversification

Very weak diversification

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

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Rimbit USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.