Pair Correlation Between HitBTC DigiByte and Yobit Decred

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

HitBTC

DigiByte on HitBTC in USD
 0.0619 
0.0002  0.32%
Market Cap: 35.3 K

Yobit

Decred on Yobit in USD
 102 
(4.43)  4.16%
Market Cap: 427.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigiByte USD is expected to generate 2.11 times more return on investment than Yobit Decred. However, HitBTC DigiByte is 2.11 times more volatile than Yobit Decred USD. It trades about 0.11 of its potential returns per unit of risk. Yobit Decred USD is currently generating about 0.09 per unit of risk. If you would invest  5.31  in HitBTC DigiByte USD on December 20, 2017 and sell it today you would earn a total of  0.9  from holding HitBTC DigiByte USD or generate 16.95% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigiByte and Yobit Decred
0.69

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigiByte USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte

Yobit Decred USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

Yobit Decred USD

Pair trading matchups for Yobit Decred