Pair Correlation Between Yobit Dogecoin and HitBTC DigiByte

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

Yobit

Dogecoin on Yobit in USD
 0.00659 
0.00001  0.15%
Market Cap: 2.1 K

HitBTC

DigiByte on HitBTC in USD
 0.0333 
0.0003  0.89%
Market Cap: 47.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to generate 1.1 times more return on investment than HitBTC DigiByte. However, Yobit Dogecoin is 1.1 times more volatile than HitBTC DigiByte USD. It trades about 0.0 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about -0.13 per unit of risk. If you would invest  0.76  in Yobit Dogecoin USD on January 24, 2018 and sell it today you would lose (0.10)  from holding Yobit Dogecoin USD or give up 13.74% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Dogecoin and HitBTC DigiByte
0.67

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 Dogecoin USD and HitBTC DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte USD and Yobit Dogecoin 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 Dogecoin USD are associated (or correlated) with HitBTC DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of Yobit Dogecoin i.e. Yobit Dogecoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Dogecoin USD

  
0 

Risk-Adjusted Performance

Over the last 30 days Yobit Dogecoin USD has generated negative risk-adjusted returns adding no value to investors with long positions.

HitBTC DigiByte USD

  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigiByte USD has generated negative risk-adjusted returns adding no value to investors with long positions.