Pair Correlation Between HitBTC DigitalNote and Yobit LeaCoin

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

HitBTC

DigitalNote on HitBTC in USD
 0.02288 
0.00144  6.72%
Market Cap: 1.1 M

Yobit

LeaCoin on Yobit in USD
 0.00198 
0.00108  120%
Market Cap: 8.0
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote is expected to generate 10.94 times less return on investment than Yobit LeaCoin. But when comparing it to its historical volatility, HitBTC DigitalNote USD is 10.11 times less risky than Yobit LeaCoin. It trades about 0.22 of its potential returns per unit of risk. Yobit LeaCoin USD is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest  0.05  in Yobit LeaCoin USD on December 17, 2017 and sell it today you would earn a total of  0.04  from holding Yobit LeaCoin USD or generate 80.0% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit LeaCoin
-0.08

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and Yobit LeaCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit LeaCoin 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 LeaCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit LeaCoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit LeaCoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

Yobit LeaCoin USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit LeaCoin USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.