Pair Correlation Between HitBTC ByteCoin and Yobit ReddCoin

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

HitBTC

ByteCoin on HitBTC in USD
 0.002912 
0.000107  3.81%
Market Cap: 456.4 K

Yobit

ReddCoin on Yobit in USD
 0.002 
0.0002  11.11%
Market Cap: 18.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.67 times more return on investment than Yobit ReddCoin. However, HitBTC ByteCoin USD is 1.49 times less risky than Yobit ReddCoin. It trades about 0.49 of its potential returns per unit of risk. Yobit ReddCoin USD is currently generating about 0.22 per unit of risk. If you would invest  0.12  in HitBTC ByteCoin USD on November 16, 2017 and sell it today you would earn a total of  0.17  from holding HitBTC ByteCoin USD or generate 142.87% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit ReddCoin
0.84

Parameters

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

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
32 

Risk-Adjusted Performance

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.

Yobit ReddCoin USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ReddCoin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.