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.
 Time Horizon     30 Days    Login   to change
 HitBTC ByteCoin USD  vs   Yobit Waves USD


ByteCoin on HitBTC in USD
0.000306  5.07%
Market Cap: 99.5 K


Waves on Yobit in USD
0.12  1.42%
Market Cap: 174.2 K
 Performance (%) 

Pair Volatility

Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 0.99 times more return on investment than Yobit Waves. However, HitBTC ByteCoin USD is 1.01 times less risky than Yobit Waves. It trades about 0.03 of its potential returns per unit of risk. Yobit Waves USD is currently generating about -0.04 per unit of risk. If you would invest  0.59  in HitBTC ByteCoin USD on January 21, 2018 and sell it today you would lose (0.01)  from holding HitBTC ByteCoin USD or give up 2.45% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC ByteCoin and Yobit Waves


Time Period1 Month [change]
StrengthVery Strong
ValuesDaily Returns


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 

HitBTC ByteCoin USD


Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Yobit Waves USD


Risk-Adjusted Performance

Over the last 30 days Yobit Waves USD has generated negative risk-adjusted returns adding no value to investors with long positions.