Pair Correlation Between Yobit Aircoin and HitBTC DigitalCash

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

Yobit

Aircoin on Yobit in USD
 0.0001469 
0.0000369  33.55%
Market Cap: 15.0

HitBTC

DigitalCash on HitBTC in USD
 859.72 
(49.7)  5.46%
Market Cap: 42.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Aircoin USD is expected to generate 10.19 times more return on investment than HitBTC DigitalCash. However, Yobit Aircoin is 10.19 times more volatile than HitBTC DigitalCash USD. It trades about 0.14 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about 0.36 per unit of risk. If you would invest  0.02  in Yobit Aircoin USD on November 15, 2017 and sell it today you would lose (0.01)  from holding Yobit Aircoin USD or give up 45.0% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Aircoin and HitBTC DigitalCash
-0.04

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy96.77%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Aircoin USD

  
9 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Aircoin USD are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalCash USD

  
23 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalCash USD are ranked lower than 23 (%) of all global equities and portfolios over the last 30 days.