Pair Correlation Between HitBTC DigitalNote and Yobit Dnotes

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

HitBTC

DigitalNote on HitBTC in USD
 0.0253 
(0.00989)  28.1%
Market Cap: 1.1 M

Yobit

Dnotes on Yobit in USD
 0.0911 
(0.0014)  1.51%
Market Cap: 197
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote is expected to generate 2.67 times less return on investment than Yobit Dnotes. But when comparing it to its historical volatility, HitBTC DigitalNote USD is 2.4 times less risky than Yobit Dnotes. It trades about 0.26 of its potential returns per unit of risk. Yobit Dnotes USD is currently generating about 0.29 of returns per unit of risk over similar time horizon. If you would invest  2.5  in Yobit Dnotes USD on December 17, 2017 and sell it today you would earn a total of  6.61  from holding Yobit Dnotes USD or generate 264.4% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit Dnotes
0.49

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.

Yobit Dnotes USD

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Dnotes USD are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.