Pair Correlation Between HitBTC ByteCoin and Yobit Waves

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

HitBTC

ByteCoin on HitBTC in USD
 0.002601 
0.000275  11.82%
Market Cap: 468.3 K

Yobit

Waves on Yobit in USD
 10.75 
0.92  9.36%
Market Cap: 737.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin is expected to generate 1.08 times less return on investment than Yobit Waves. But when comparing it to its historical volatility, HitBTC ByteCoin USD is 1.07 times less risky than Yobit Waves. It trades about 0.54 of its potential returns per unit of risk. Yobit Waves USD is currently generating about 0.54 of returns per unit of risk over similar time horizon. If you would invest  400  in Yobit Waves USD on November 11, 2017 and sell it today you would earn a total of  680  from holding Yobit Waves USD or generate 170.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Waves
0.93

Parameters

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

Diversification

Almost no diversification

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

  
35 

Risk-Adjusted Performance

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