Pair Correlation Between HitBTC DigitalNote and Yobit Decred

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

HitBTC DigitalNote USD  vs.  Yobit Decred USD

HitBTC

DigitalNote on HitBTC in USD
 0.01271 
0.0018  12.41%
Market Cap: 471 K
  

Yobit

Decred on Yobit in USD
 80.00 
5.00  5.88%
Market Cap: 2.4 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Yobit Decred. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalNote USD is 1.06 times less risky than Yobit Decred. The crypto trades about -0.05 of its potential returns per unit of risk. The Yobit Decred USD is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest  7,100  in Yobit Decred USD on March 26, 2018 and sell it today you would earn a total of  900.00  from holding Yobit Decred USD or generate 12.68% return on investment over 30 days.

Pair Corralation between HitBTC DigitalNote and Yobit Decred

0.88
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy98.36%
ValuesDaily Returns

Diversification

Very poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC DigitalNote USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Yobit Decred USD  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Decred USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
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Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1026.67

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