Pair Correlation Between HitBTC DigitalNote and Yobit Dogecoin

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

HitBTC

DigitalNote on HitBTC in USD
 0.0205 
(0.00094)  4.38%
Market Cap: 1.1 M

Yobit

Dogecoin on Yobit in USD
 0.00852 
0.001  13.3%
Market Cap: 303.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to generate 1.61 times more return on investment than Yobit Dogecoin. However, HitBTC DigitalNote is 1.61 times more volatile than Yobit Dogecoin USD. It trades about 0.21 of its potential returns per unit of risk. Yobit Dogecoin USD is currently generating about 0.1 per unit of risk. If you would invest  1  in HitBTC DigitalNote USD on December 18, 2017 and sell it today you would earn a total of  1.08  from holding HitBTC DigitalNote USD or generate 108.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit Dogecoin
0.89

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
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 Dogecoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Dogecoin 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 Dogecoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Dogecoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit Dogecoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote

Yobit Dogecoin USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dogecoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit Dogecoin USD

Pair trading matchups for Yobit Dogecoin