Pair Correlation Between Yobit B3 and HitBTC DigitalNote

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

Yobit

B3 Coin on Yobit in USD
 0.0004659 
0.0000359  8.35%
Market Cap: 45.0

HitBTC

DigitalNote on HitBTC in USD
 0.003122 
(0.000154)  4.7%
Market Cap: 566.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit B3 Coin USD is expected to generate 5.27 times more return on investment than HitBTC DigitalNote. However, Yobit B3 is 5.27 times more volatile than HitBTC DigitalNote USD. It trades about 0.08 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.25 per unit of risk. If you would invest  0.09  in Yobit B3 Coin USD on November 13, 2017 and sell it today you would lose (0.04)  from holding Yobit B3 Coin USD or give up 45.38% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit B3 and HitBTC DigitalNote
-0.23

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
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 DigitalNote USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigitalNote 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 DigitalNote. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigitalNote USD has no effect on the direction of Yobit B3 i.e. Yobit B3 and HitBTC DigitalNote go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit B3 Coin

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit B3 Coin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.