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.
Bitfinex Recovery Right Tokens vs. HitBTC DigitalNote USD
Recovery Right Tokens on Bitfinex in USD
Market Cap: 15 K
DigitalNote on HitBTC in USD
Market Cap: 471 K
Assuming 30 trading days horizon, Bitfinex Recovery Right Tokens USD is expected to generate 0.95 times more return on investment than HitBTC DigitalNote. However, Bitfinex Recovery Right Tokens USD is 1.05 times less risky than HitBTC DigitalNote. It trades about 0.02 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about -0.03 per unit of risk. If you would invest 7.15 in Bitfinex Recovery Right Tokens USD on March 26, 2018 and sell it today you would lose (0.58) from holding Bitfinex Recovery Right Tokens USD or give up 8.11% of portfolio value over 30 days.
Pair Corralation between Bitfinex Recovery and HitBTC DigitalNote
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.
Compared to the overall equity markets, risk-adjusted returns on investments in Bitfinex Recovery Right Tokens USD are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.
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