Pair Correlation Between Bitfinex Recovery and HitBTC DigitalNote

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

Bitfinex

Recovery Right Tokens on Bitfinex in USD
 0.14 
0.0048  3.64%
Market Cap: 662.3 K

HitBTC

DigitalNote on HitBTC in USD
 0.03003 
(0.00274)  8.36%
Market Cap: 680.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to under-perform the HitBTC DigitalNote. But the crypto apears to be less risky and, when comparing its historical volatility, Bitfinex Recovery Right Tokens USD is 2.36 times less risky than HitBTC DigitalNote. The crypto trades about -0.15 of its potential returns per unit of risk. The HitBTC DigitalNote USD is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest  1.49  in HitBTC DigitalNote USD on December 20, 2017 and sell it today you would earn a total of  1.27  from holding HitBTC DigitalNote USD or generate 85.25% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Bitfinex Recovery and HitBTC DigitalNote
0.33

Parameters

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

Diversification

Weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Bitfinex Recovery Right

  
0 

Risk-Adjusted Performance

Over the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.

Bitfinex Recovery Right Tokens USD

Pair trading matchups for Bitfinex Recovery

HitBTC DigitalNote USD

  
12 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigitalNote USD

Pair trading matchups for HitBTC DigitalNote