Pair Correlation Between HitBTC PeerCoin and Yobit X2Coin

This module allows you to analyze existing cross correlation between HitBTC PeerCoin USD and Yobit X2Coin USD. You can compare the effects of market volatilities on HitBTC PeerCoin and Yobit X2Coin 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 PeerCoin with a short position of Yobit X2Coin. See also your portfolio center. Please also check ongoing floating volatility patterns of HitBTC PeerCoin and Yobit X2Coin.
 Time Horizon     30 Days    Login   to change
Symbolsvs
 HitBTC PeerCoin USD  vs   Yobit X2Coin USD

HitBTC

PeerCoin on HitBTC in USD
 7.88 
(2.71)  25.59%
Market Cap: 178.6 K

Yobit

X2Coin on Yobit in USD
 0.00052 
0.000149  40.16%
Market Cap: 22.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC PeerCoin is expected to generate 15.29 times less return on investment than Yobit X2Coin. But when comparing it to its historical volatility, HitBTC PeerCoin USD is 7.56 times less risky than Yobit X2Coin. It trades about 0.11 of its potential returns per unit of risk. Yobit X2Coin USD is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest  0.05  in Yobit X2Coin USD on December 17, 2017 and sell it today you would earn a total of  0.03  from holding Yobit X2Coin USD or generate 62.04% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC PeerCoin and Yobit X2Coin
0.14

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy86.67%
ValuesDaily Returns

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC PeerCoin USD and Yobit X2Coin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit X2Coin USD and HitBTC PeerCoin 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 PeerCoin USD are associated (or correlated) with Yobit X2Coin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit X2Coin USD has no effect on the direction of HitBTC PeerCoin i.e. HitBTC PeerCoin and Yobit X2Coin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC PeerCoin USD

  
7 

Risk-Adjusted Performance

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

Yobit X2Coin USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit X2Coin USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.