Pair Correlation Between HitBTC DigitalNote and Yobit Golem

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

HitBTC

DigitalNote on HitBTC in USD
 0.03149 
0.00146  4.86%
Market Cap: 680.1 K

Yobit

Golem Network Token on Yobit in USD
 0.8 
0.015  1.92%
Market Cap: 395
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to generate 1.66 times more return on investment than Yobit Golem. However, HitBTC DigitalNote is 1.66 times more volatile than Yobit Golem Network Token USD. It trades about 0.25 of its potential returns per unit of risk. Yobit Golem Network Token USD is currently generating about 0.12 per unit of risk. If you would invest  1.07  in HitBTC DigitalNote USD on December 21, 2017 and sell it today you would earn a total of  2.08  from holding HitBTC DigitalNote USD or generate 194.66% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit Golem
0.43

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 Golem Network Token USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit Golem Network 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 Golem. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit Golem Network has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit Golem 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 Golem Network

  
7 

Risk-Adjusted Performance

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

Yobit Golem Network Token USD

Pair trading matchups for Yobit Golem