Pair Correlation Between HitBTC DigitalCash and Yobit Decred

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

HitBTC

DigitalCash on HitBTC in USD
 830.72 
14.12  1.73%
Market Cap: 2.6 B

Yobit

Decred on Yobit in USD
 108.6 
15.4  16.52%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Yobit Decred. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.13 times less risky than Yobit Decred. The crypto trades about -0.17 of its potential returns per unit of risk. The Yobit Decred USD is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest  9,500  in Yobit Decred USD on December 20, 2017 and sell it today you would lose (180)  from holding Yobit Decred USD or give up 1.89% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Yobit Decred
0.59

Parameters

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

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash USD 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 DigitalCash 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 DigitalCash 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 DigitalCash i.e. HitBTC DigitalCash and Yobit Decred go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash

Yobit Decred USD

  
2 

Risk-Adjusted Performance

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

Yobit Decred USD

Pair trading matchups for Yobit Decred