Pair Correlation Between Yobit eMark and HitBTC ByteCoin

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

Yobit

eMark on Yobit in USD
 0.055 
(0.00301)  5.19%
Market Cap: 4.0

HitBTC

ByteCoin on HitBTC in USD
 0.00656 
(0.0013)  16.54%
Market Cap: 476.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit eMark USD is expected to generate 2.85 times more return on investment than HitBTC ByteCoin. However, Yobit eMark is 2.85 times more volatile than HitBTC ByteCoin USD. It trades about 0.23 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.11 per unit of risk. If you would invest  8.46  in Yobit eMark USD on December 22, 2017 and sell it today you would lose (2.96)  from holding Yobit eMark USD or give up 34.96% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit eMark and HitBTC ByteCoin
-0.15

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit eMark USD

  
15 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit eMark USD are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days.

Yobit eMark USD

Pair trading matchups for Yobit eMark

HitBTC ByteCoin USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.