This module allows you to analyze existing cross correlation between HitBTC NEM USD and Yobit BeardDollars USD. You can compare the effects of market volatilities on HitBTC NEM and Yobit BeardDollars 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 NEM with a short position of Yobit BeardDollars. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC NEM
and Yobit BeardDollars
HitBTC NEM USD vs Yobit BeardDollars USD
Assuming 30 trading days horizon, HitBTC NEM USD is expected to under-perform the Yobit BeardDollars. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC NEM USD is 4.21 times less risky than Yobit BeardDollars. The crypto trades about -0.14 of its potential returns per unit of risk. The Yobit BeardDollars USD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1.00 in Yobit BeardDollars USD on February 22, 2018 and sell it today you would lose (0.50) from holding Yobit BeardDollars USD or give up 50.0% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC NEM USD and Yobit BeardDollars USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Yobit BeardDollars USD and HitBTC NEM 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 NEM USD are associated (or correlated) with Yobit BeardDollars. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yobit BeardDollars USD has no effect on the direction of HitBTC NEM i.e. HitBTC NEM and Yobit BeardDollars go up and down completely randomly.
Over the last 30 days HitBTC NEM 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 BeardDollars USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.