Pair Correlation Between Yobit Dogecoin and HitBTC NEM

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

Yobit Dogecoin USD  vs.  HitBTC NEM USD

Yobit

Dogecoin on Yobit in USD
 0.005833 
0.000797  15.83%
Market Cap: 42.6 K
  

HitBTC

NEM on HitBTC in USD
 0.39 
0.0043  1.12%
Market Cap: 77.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Dogecoin USD is expected to under-perform the HitBTC NEM. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Dogecoin USD is 1.08 times less risky than HitBTC NEM. The crypto trades about -0.03 of its potential returns per unit of risk. The HitBTC NEM USD is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest  38.66  in HitBTC NEM USD on March 27, 2018 and sell it today you would lose (0.39)  from holding HitBTC NEM USD or give up 1.01% of portfolio value over 30 days.

Pair Corralation between Yobit Dogecoin and HitBTC NEM

0.85
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yobit Dogecoin USD and HitBTC NEM USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC NEM 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 NEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC NEM USD has no effect on the direction of Yobit Dogecoin i.e. Yobit Dogecoin and HitBTC NEM 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 NEM USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC NEM USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

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