Pair Correlation Between HitBTC DigitalCash and Yobit TekCoin

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

HitBTC

DigitalCash on HitBTC in USD
 898.32 
(32.85)  3.53%
Market Cap: 2.6 B

Yobit

TekCoin on Yobit in USD
 0.00032 
0.00005  18.52%
Market Cap: 243
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the Yobit TekCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 5.65 times less risky than Yobit TekCoin. The crypto trades about -0.06 of its potential returns per unit of risk. The Yobit TekCoin USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  0.04  in Yobit TekCoin USD on December 21, 2017 and sell it today you would lose (0.01)  from holding Yobit TekCoin USD or give up 32.16% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and Yobit TekCoin
0.53

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

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit TekCoin USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

Yobit TekCoin USD

Pair trading matchups for Yobit TekCoin