Pair Correlation Between HitBTC Bancor and Yobit Decred

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

HitBTC

Bancor Network Token on HitBTC in USD
 2.68 
0.17  6.77%
Market Cap: 1.1 M

Yobit

Decred on Yobit in USD
 57 
5  9.62%
Market Cap: 9.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 1.85 times less return on investment than Yobit Decred. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 1.53 times less risky than Yobit Decred. It trades about 0.28 of its potential returns per unit of risk. Yobit Decred USD is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest  2,638  in Yobit Decred USD on November 11, 2017 and sell it today you would earn a total of  2,562  from holding Yobit Decred USD or generate 97.12% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and Yobit Decred
0.73

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.