Pair Correlation Between Yobit SibCoin and HitBTC DigiByte

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

Yobit

SibCoin on Yobit in USD
 3.4 
0.1  3.03%
Market Cap: 1 K

HitBTC

DigiByte on HitBTC in USD
 0.068 
0.0063  10.21%
Market Cap: 63 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit SibCoin is expected to generate 1.64 times less return on investment than HitBTC DigiByte. In addition to that, Yobit SibCoin is 1.04 times more volatile than HitBTC DigiByte USD. It trades about 0.09 of its total potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.16 per unit of volatility. If you would invest  4.4  in HitBTC DigiByte USD on December 21, 2017 and sell it today you would earn a total of  2.44  from holding HitBTC DigiByte USD or generate 55.45% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit SibCoin and HitBTC DigiByte
0.24

Parameters

Time Period1 Month [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 SibCoin 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 SibCoin 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 SibCoin 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 SibCoin i.e. Yobit SibCoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit SibCoin USD

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit SibCoin USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

Yobit SibCoin USD

Pair trading matchups for Yobit SibCoin

HitBTC DigiByte USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte