Pair Correlation Between HitBTC DigitalNote and Yobit Rise

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

HitBTC

DigitalNote on HitBTC in USD
 0.02856 
(0.00349)  10.89%
Market Cap: 680.1 K

Yobit

Rise on Yobit in USD
 1 
(0.11)  9.91%
Market Cap: 141
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote is expected to generate 1.16 times less return on investment than Yobit Rise. But when comparing it to its historical volatility, HitBTC DigitalNote USD is 1.46 times less risky than Yobit Rise. It trades about 0.19 of its potential returns per unit of risk. Yobit Rise USD is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  75.7  in Yobit Rise USD on December 22, 2017 and sell it today you would earn a total of  24.3  from holding Yobit Rise USD or generate 32.1% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalNote and Yobit Rise
0.37

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalNote USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote

Yobit Rise USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Rise USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

Yobit Rise USD

Pair trading matchups for Yobit Rise