Pair Correlation Between HitBTC Bancor and Yobit Waves

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

HitBTC

Bancor Network Token on HitBTC in USD
 4.63 
0.7  17.81%
Market Cap: 1.9 M

Yobit

Waves on Yobit in USD
 16.3 
2.05  14.39%
Market Cap: 2.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC Bancor is expected to generate 1.6 times less return on investment than Yobit Waves. But when comparing it to its historical volatility, HitBTC Bancor Network Token USD is 1.22 times less risky than Yobit Waves. It trades about 0.41 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  500  in Yobit Waves USD on November 18, 2017 and sell it today you would earn a total of  1,000  from holding Yobit Waves USD or generate 200.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC Bancor and Yobit Waves
0.9

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy96.77%
ValuesDaily Returns

Diversification

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC Bancor Network Token US 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 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 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 Bancor i.e. HitBTC Bancor and Yobit Waves go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC Bancor Network

  
27 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bancor Network Token USD are ranked lower than 27 (%) 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.