Pair Correlation Between Yobit Golem and HitBTC DigiByte

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

Yobit Golem Network Token USD  vs.  HitBTC DigiByte USD

Yobit

Golem Network Token on Yobit in USD
 0.55 
0.0929  14.51%
Market Cap: 310
  

HitBTC

DigiByte on HitBTC in USD
 0.03664 
0.00263  6.70%
Market Cap: 9.7 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Golem Network Token USD is expected to generate 2.44 times more return on investment than HitBTC DigiByte. However, Yobit Golem is 2.44 times more volatile than HitBTC DigiByte USD. It trades about 0.11 of its potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.03 per unit of risk. If you would invest  37.00  in Yobit Golem Network Token USD on March 26, 2018 and sell it today you would earn a total of  17.74  from holding Yobit Golem Network Token USD or generate 47.95% return on investment over 30 days.

Pair Corralation between Yobit Golem and HitBTC DigiByte

0.92
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy98.36%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit Golem Network  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Golem Network Token USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
$1021.18

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