Pair Correlation Between Yobit iBankCoin and HitBTC ByteCoin

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

Yobit iBankCoin USD  vs.  HitBTC ByteCoin USD

Yobit

iBankCoin on Yobit in USD
 0.0033 
0.002246  40.50%
Market Cap: 20.0
  

HitBTC

ByteCoin on HitBTC in USD
 0.004456 
0.00046  9.36%
Market Cap: 66.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit iBankCoin USD is expected to generate 2.53 times more return on investment than HitBTC ByteCoin. However, Yobit iBankCoin is 2.53 times more volatile than HitBTC ByteCoin USD. It trades about 0.02 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about -0.01 per unit of risk. If you would invest  1.20  in Yobit iBankCoin USD on March 21, 2018 and sell it today you would lose (0.65)  from holding Yobit iBankCoin USD or give up 53.78% of portfolio value over 30 days.

Pair Corralation between Yobit iBankCoin and HitBTC ByteCoin

0.29
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Modest diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Yobit iBankCoin USD  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit iBankCoin USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
HitBTC ByteCoin USD  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1074.16

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.