Pair Correlation Between Yobit B3 and HitBTC DigiByte

This module allows you to analyze existing cross correlation between Yobit B3 Coin USD and HitBTC DigiByte USD. You can compare the effects of market volatilities on Yobit B3 and HitBTC DigiByte 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 B3 with a short position of HitBTC DigiByte. See also your portfolio center. Please also check ongoing floating volatility patterns of Yobit B3 and HitBTC DigiByte.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Yobit B3 Coin USD  vs   HitBTC DigiByte USD

Yobit

B3 Coin on Yobit in USD
 0.000334 
0.000084  33.6%
Market Cap: 45.0

HitBTC

DigiByte on HitBTC in USD
 0.0211 
(0.0009)  4.09%
Market Cap: 124
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit B3 is expected to generate 1.58 times less return on investment than HitBTC DigiByte. In addition to that, Yobit B3 is 2.44 times more volatile than HitBTC DigiByte USD. It trades about 0.07 of its total potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.27 per unit of volatility. If you would invest  0.96  in HitBTC DigiByte USD on November 15, 2017 and sell it today you would earn a total of  1.24  from holding HitBTC DigiByte USD or generate 129.17% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit B3 and HitBTC DigiByte
-0.44

Parameters

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

Diversification

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit B3 Coin USD and HitBTC DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte USD and Yobit B3 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 B3 Coin USD are associated (or correlated) with HitBTC DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of Yobit B3 i.e. Yobit B3 and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit B3 Coin

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit B3 Coin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

  
17 

Risk-Adjusted Performance

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