Pair Correlation Between Yobit Positron and HitBTC DigitalCash

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

Yobit

Positron on Yobit in USD
 17 
6.67  64.57%
Market Cap: 132

HitBTC

DigitalCash on HitBTC in USD
 825.93 
32.03  4.03%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Positron USD is expected to generate 15.95 times more return on investment than HitBTC DigitalCash. However, Yobit Positron is 15.95 times more volatile than HitBTC DigitalCash USD. It trades about 0.2 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.2 per unit of risk. If you would invest  4,200  in Yobit Positron USD on December 20, 2017 and sell it today you would lose (2,500)  from holding Yobit Positron USD or give up 59.52% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Positron and HitBTC DigitalCash
-0.04

Parameters

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

Diversification

Good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Positron USD

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Yobit Positron USD are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Yobit Positron USD

Pair trading matchups for Yobit Positron

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash