This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and Yobit Ethereum Classic USD. You can compare the effects of market volatilities on HitBTC DigitalNote and Yobit Ethereum 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 Ethereum. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalNote
and Yobit Ethereum
HitBTC DigitalNote USD vs Yobit Ethereum Classic USD
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Yobit Ethereum. In addition to that, HitBTC DigitalNote is 1.09 times more volatile than Yobit Ethereum Classic USD. It trades about -0.31 of its total potential returns per unit of risk. Yobit Ethereum Classic USD is currently generating about -0.22 per unit of volatility. If you would invest 3,412 in Yobit Ethereum Classic USD on February 21, 2018 and sell it today you would lose (1,481) from holding Yobit Ethereum Classic USD or give up 43.41% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Almost no diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and Yobit Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Ethereum Classic 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 Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Ethereum Classic has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit Ethereum go up and down completely randomly.
Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Over the last 30 days Yobit Ethereum Classic USD has generated negative risk-adjusted returns adding no value to investors with long positions.