Pair Correlation Between Bitfinex Recovery and HitBTC DigitalCash

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

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.16 
(0.0215)  11.56%
Market Cap: 662.3 K

HitBTC

DigitalCash on HitBTC in USD
 857.42 
(25.3)  2.87%
Market Cap: 2.6 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 1.9 times more return on investment than HitBTC DigitalCash. However, Bitfinex Recovery is 1.9 times more volatile than HitBTC DigitalCash USD. It trades about 0.05 of its potential returns per unit of risk. HitBTC DigitalCash USD is currently generating about -0.12 per unit of risk. If you would invest  19.35  in Bitfinex Recovery Right Tokens USD on December 22, 2017 and sell it today you would lose (0.75)  from holding Bitfinex Recovery Right Tokens USD or give up 3.88% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Recovery and HitBTC DigitalCash
0.89

Parameters

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

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Recovery Right Tokens 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 Bitfinex Recovery 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 Bitfinex Recovery Right Tokens 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 Bitfinex Recovery i.e. Bitfinex Recovery and HitBTC DigitalCash go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right

  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.

Bitfinex Recovery Right Tokens USD

Pair trading matchups for Bitfinex Recovery

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