This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Yobit PetroDollar USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Yobit PetroDollar 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 PetroDollar. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and Yobit PetroDollar
HitBTC ByteCoin USD vs Yobit PetroDollar USD
Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to under-perform the Yobit PetroDollar. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC ByteCoin USD is 4.75 times less risky than Yobit PetroDollar. The crypto trades about -0.04 of its potential returns per unit of risk. The Yobit PetroDollar USD is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 4.30 in Yobit PetroDollar USD on January 25, 2018 and sell it today you would earn a total of 5.58 from holding Yobit PetroDollar USD or generate 129.7% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and Yobit PetroDollar USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit PetroDollar 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 PetroDollar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit PetroDollar USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Yobit PetroDollar go up and down completely randomly.
Over the last 30 days HitBTC ByteCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit PetroDollar USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.