This module allows you to analyze existing cross correlation between Yobit ChronosCoin USD and HitBTC ByteCoin USD. You can compare the effects of market volatilities on Yobit ChronosCoin and HitBTC ByteCoin 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 ChronosCoin with a short position of HitBTC ByteCoin. See also your portfolio center
. Please also check ongoing floating volatility patterns of Yobit ChronosCoin
and HitBTC ByteCoin
Yobit ChronosCoin USD vs HitBTC ByteCoin USD
Assuming 30 trading days horizon, Yobit ChronosCoin USD is expected to generate 7.46 times more return on investment than HitBTC ByteCoin. However, Yobit ChronosCoin is 7.46 times more volatile than HitBTC ByteCoin USD. It trades about 0.11 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about -0.51 per unit of risk. If you would invest 0.28 in Yobit ChronosCoin USD on February 16, 2018 and sell it today you would lose (0.15) from holding Yobit ChronosCoin USD or give up 53.05% of portfolio value over 30 days.
|Time Period||1 Month [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding Yobit ChronosCoin USD and HitBTC ByteCoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC ByteCoin USD and Yobit ChronosCoin 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 ChronosCoin USD are associated (or correlated) with HitBTC ByteCoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC ByteCoin USD has no effect on the direction of Yobit ChronosCoin i.e. Yobit ChronosCoin and HitBTC ByteCoin go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Yobit ChronosCoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days HitBTC ByteCoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.