Pair Correlation Between Yobit CoolDarkCoin and HitBTC DigitalCash

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

Yobit

CoolDarkCoin on Yobit in USD
 0.0398 
0.01034  35.1%
Market Cap: 1.0

HitBTC

DigitalCash on HitBTC in USD
 854.37 
74.27  9.52%
Market Cap: 42.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit CoolDarkCoin USD is expected to generate 2.195785586978867E13 times more return on investment than HitBTC DigitalCash. However, Yobit CoolDarkCoin is 2.195785586978867E13 times more volatile than HitBTC DigitalCash USD. It trades about 0.18 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about 0.34 per unit of risk. If you would invest  0.00  in Yobit CoolDarkCoin USD on November 13, 2017 and sell it today you would earn a total of  3.98  from holding Yobit CoolDarkCoin USD or generate 9.223372036854776E16% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit CoolDarkCoin and HitBTC DigitalCash
0.4

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit CoolDarkCoin 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 CoolDarkCoin 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 CoolDarkCoin 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 CoolDarkCoin i.e. Yobit CoolDarkCoin and HitBTC DigitalCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit CoolDarkCoin USD

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit CoolDarkCoin USD are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

Yobit CoolDarkCoin USD

Pair trading matchups for Yobit CoolDarkCoin

HitBTC DigitalCash USD

  
22 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalCash USD are ranked lower than 22 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash