Pair Correlation Between Yobit Decred and HitBTC Stratis

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

Yobit

Decred on Yobit in USD
 109.86 
3.43  3.22%
Market Cap: 427.8 K

HitBTC

Stratis on HitBTC in USD
 14.43 
0.3  2.12%
Market Cap: 14 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Decred is expected to generate 2.09 times less return on investment than HitBTC Stratis. But when comparing it to its historical volatility, Yobit Decred USD is 1.41 times less risky than HitBTC Stratis. It trades about 0.09 of its potential returns per unit of risk. HitBTC Stratis USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  1,150  in HitBTC Stratis USD on December 20, 2017 and sell it today you would earn a total of  310  from holding HitBTC Stratis USD or generate 26.96% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Decred and HitBTC Stratis
0.65

Parameters

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

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Decred USD

  
5 

Risk-Adjusted Performance

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

Yobit Decred USD

Pair trading matchups for Yobit Decred

HitBTC Stratis USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Stratis USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

HitBTC Stratis USD

Pair trading matchups for HitBTC Stratis