Pair Correlation Between HitBTC DigitalCash and Yobit ReturnBit

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

HitBTC

DigitalCash on HitBTC in USD
 785.91 
(129.22)  14.12%
Market Cap: 3.5 B

Yobit

ReturnBit on Yobit in USD
 0.00117 
0.00012  11.43%
Market Cap: 22.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Yobit ReturnBit. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 17.51 times less risky than Yobit ReturnBit. The crypto trades about -0.05 of its potential returns per unit of risk. The Yobit ReturnBit USD is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  1.22  in Yobit ReturnBit USD on December 17, 2017 and sell it today you would lose (1.1)  from holding Yobit ReturnBit USD or give up 90.4% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Yobit ReturnBit
0.41

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 ReturnBit USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit ReturnBit 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 ReturnBit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit ReturnBit USD has no effect on the direction of HitBTC DigitalCash i.e. HitBTC DigitalCash and Yobit ReturnBit 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.

Yobit ReturnBit USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ReturnBit USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.