Pair Correlation Between HitBTC DigitalCash and Yobit ReddCoin

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

HitBTC

DigitalCash on HitBTC in USD
 747.2 
(167.93)  18.35%
Market Cap: 3.5 B

Yobit

ReddCoin on Yobit in USD
 0.0114 
0.0001  0.89%
Market Cap: 71.2 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Yobit ReddCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 5.18 times less risky than Yobit ReddCoin. The crypto trades about -0.12 of its potential returns per unit of risk. The Yobit ReddCoin USD is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  0.4  in Yobit ReddCoin USD on December 18, 2017 and sell it today you would earn a total of  0.52  from holding Yobit ReddCoin USD or generate 131.1% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Yobit ReddCoin
0.52

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

  
11 

Risk-Adjusted Performance

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

Yobit ReddCoin USD

Pair trading matchups for Yobit ReddCoin