Pair Correlation Between HitBTC Bancor and Yobit Bitshares

This module allows you to analyze existing cross correlation between HitBTC Bancor Network Token USD and Yobit Bitshares USD. You can compare the effects of market volatilities on HitBTC Bancor and Yobit Bitshares 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 Bancor with a short position of Yobit Bitshares. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC Bancor and Yobit Bitshares.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC Bancor Network Token US  vs   Yobit Bitshares USD

HitBTC

Bancor Network Token on HitBTC in USD
 3.77 
0.09  2.45%
Market Cap: 1.9 M

Yobit

Bitshares on Yobit in USD
 0.8 
(0.02)  2.44%
Market Cap: 5.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 2.79 times less return on investment than Yobit Bitshares. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 5.64 times less risky than Yobit Bitshares. It trades about 0.38 of its potential returns per unit of risk. Yobit Bitshares USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  38.38  in Yobit Bitshares USD on November 16, 2017 and sell it today you would earn a total of  43.62  from holding Yobit Bitshares USD or generate 113.65% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and Yobit Bitshares
-0.1

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.

Yobit Bitshares USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Bitshares USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.