This module allows you to analyze existing cross correlation between HitBTC DigitalNote USD and Yobit MorpheusCoin USD. You can compare the effects of market volatilities on HitBTC DigitalNote and Yobit MorpheusCoin 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 MorpheusCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC DigitalNote
and Yobit MorpheusCoin
HitBTC DigitalNote USD vs Yobit MorpheusCoin USD
Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Yobit MorpheusCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalNote USD is 24.82 times less risky than Yobit MorpheusCoin. The crypto trades about -0.44 of its potential returns per unit of risk. The Yobit MorpheusCoin USD is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 3.10 in Yobit MorpheusCoin USD on February 18, 2018 and sell it today you would earn a total of 4.90 from holding Yobit MorpheusCoin USD or generate 158.23% return on investment over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalNote USD and Yobit MorpheusCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit MorpheusCoin 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 MorpheusCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit MorpheusCoin USD has no effect on the direction of HitBTC DigitalNote i.e. HitBTC DigitalNote and Yobit MorpheusCoin 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.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit MorpheusCoin USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.