Pair Correlation Between HitBTC DigiByte and Yobit Chip |
This module allows you to analyze existing cross correlation between HitBTC DigiByte USD and Yobit Chip USD. You can compare the effects of market volatilities on HitBTC DigiByte and Yobit Chip 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 DigiByte with a short position of Yobit Chip. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC DigiByte and Yobit Chip.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
HitBTC DigiByte USD vs. Yobit Chip USD
HitBTCDigiByte on HitBTC in USD 0.03558
| YobitChip on Yobit in USD 0.003158
|
Pair Volatility
Assuming 30 trading days horizon, HitBTC DigiByte is expected to generate 4.76 times less return on investment than Yobit Chip. But when comparing it to its historical volatility, HitBTC DigiByte USD is 3.25 times less risky than Yobit Chip. It trades about 0.01 of its potential returns per unit of risk. Yobit Chip USD is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1.28 in Yobit Chip USD on March 22, 2018 and sell it today you would lose (0.96) from holding Yobit Chip USD or give up 75.34% of portfolio value over 30 days.
Pair Corralation between HitBTC DigiByte and Yobit Chip
-0.12
| Time Period | 2 Months [change] |
| Direction | Negative |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Good diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigiByte USD and Yobit Chip USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Chip USD and HitBTC DigiByte 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 DigiByte USD are associated (or correlated) with Yobit Chip. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Chip USD has no effect on the direction of HitBTC DigiByte i.e. HitBTC DigiByte and Yobit Chip go up and down completely randomly.
Comparative Volatility
| HitBTC DigiByte USD |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigiByte USD
Pair trading matchups for HitBTC DigiByte
| Yobit Chip USD |
1 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in Yobit Chip USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
Yobit Chip USD
Pair trading matchups for Yobit Chip
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See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.