Pair Correlation Between Yobit ReddCoin and HitBTC Emercoin

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

Yobit

ReddCoin on Yobit in USD
 0.012 
(0.0001)  0.83%
Market Cap: 9.7 K

HitBTC

Emercoin on HitBTC in USD
 5.89 
(0.3)  4.85%
Market Cap: 1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit ReddCoin is expected to generate 8.94 times less return on investment than HitBTC Emercoin. In addition to that, Yobit ReddCoin is 1.35 times more volatile than HitBTC Emercoin USD. It trades about 0.02 of its total potential returns per unit of risk. HitBTC Emercoin USD is currently generating about 0.27 per unit of volatility. If you would invest  269  in HitBTC Emercoin USD on December 25, 2017 and sell it today you would earn a total of  350  from holding HitBTC Emercoin USD or generate 130.11% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit ReddCoin and HitBTC Emercoin
-0.59

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy96.77%
ValuesDaily Returns

Diversification

Excellent diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit ReddCoin USD

  
1 

Risk-Adjusted Performance

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

HitBTC Emercoin USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Emercoin USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.