Pair Correlation Between HitBTC DigitalNote and Yobit CometCoin

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

HitBTC

DigitalNote on HitBTC in USD
 0.03239 
0.00236  7.86%
Market Cap: 680.1 K

Yobit

CometCoin on Yobit in USD
 0.42 
0.12  40%
Market Cap: 4.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote is expected to generate 12.12 times less return on investment than Yobit CometCoin. But when comparing it to its historical volatility, HitBTC DigitalNote USD is 10.92 times less risky than Yobit CometCoin. It trades about 0.25 of its potential returns per unit of risk. Yobit CometCoin USD is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest  13.5  in Yobit CometCoin USD on December 21, 2017 and sell it today you would earn a total of  28.5  from holding Yobit CometCoin USD or generate 211.11% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit CometCoin
0.55

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 DigitalNote USD and Yobit CometCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit CometCoin USD and HitBTC DigitalNote 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 DigitalNote USD are associated (or correlated) with Yobit CometCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit CometCoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit CometCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote

Yobit CometCoin USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CometCoin USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.

Yobit CometCoin USD

Pair trading matchups for Yobit CometCoin