Pair Correlation Between Yobit BiosCrypto and HitBTC DigitalNote

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

Yobit

BiosCrypto on Yobit in USD
 0.0032 
0.002222  227.2%
Market Cap: 0

HitBTC

DigitalNote on HitBTC in USD
 0.005867 
0.000785  15.45%
Market Cap: 566.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit BiosCrypto USD is expected to generate 21.2 times more return on investment than HitBTC DigitalNote. However, Yobit BiosCrypto is 21.2 times more volatile than HitBTC DigitalNote USD. It trades about 0.25 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.39 per unit of risk. If you would invest  0.00  in Yobit BiosCrypto USD on November 17, 2017 and sell it today you would earn a total of  0.32  from holding Yobit BiosCrypto USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit BiosCrypto and HitBTC DigitalNote
-0.39

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 BiosCrypto 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 BiosCrypto 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 BiosCrypto 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 BiosCrypto i.e. Yobit BiosCrypto and HitBTC DigitalNote go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit BiosCrypto USD

  
16 

Risk-Adjusted Performance

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

HitBTC DigitalNote USD

  
25 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 25 (%) of all global equities and portfolios over the last 30 days.