Pair Correlation Between Yobit Waves and HitBTC Verge

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

Yobit

Waves on Yobit in USD
 9.8 
0.42  4.48%
Market Cap: 659.3 K

HitBTC

Verge on HitBTC in USD
 0.13 
0.0304  31.34%
Market Cap: 406.6 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Yobit Waves USD is expected to under-perform the HitBTC Verge. But the crypto apears to be less risky and, when comparing its historical volatility, Yobit Waves USD is 3.41 times less risky than HitBTC Verge. The crypto trades about -0.17 of its potential returns per unit of risk. The HitBTC Verge USD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest  10.7  in HitBTC Verge USD on December 19, 2017 and sell it today you would earn a total of  1.48  from holding HitBTC Verge USD or generate 13.83% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Yobit Waves and HitBTC Verge
0.76

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Yobit Waves USD

  
0 

Risk-Adjusted Performance

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

HitBTC Verge USD

  
8 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Verge USD are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days.

HitBTC Verge USD

Pair trading matchups for HitBTC Verge