Pair Correlation Between HitBTC ByteCoin and Yobit Universal

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

HitBTC

ByteCoin on HitBTC in USD
 0.004391 
0.000184  4.37%
Market Cap: 456.4 K

Yobit

Universal Currency on Yobit in USD
 0.49 
0.0189  4.02%
Market Cap: 52.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 16.0 times less return on investment than Yobit Universal. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 32.23 times less risky than Yobit Universal. It trades about 0.54 of its potential returns per unit of risk. Yobit Universal Currency USD is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest  0.00  in Yobit Universal Currency USD on November 18, 2017 and sell it today you would earn a total of  40.03  from holding Yobit Universal Currency USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Universal
-0.08

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC ByteCoin USD

  
35 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 35 (%) of all global equities and portfolios over the last 30 days.

Yobit Universal Curr

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Universal Currency USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.