Pair Correlation Between Cexio Ethereum and HitBTC DigitalNote

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

Cexio

Ethereum on Cexio in USD
 1,160 
(252.82)  17.89%
Market Cap: 12.9 B

HitBTC

DigitalNote on HitBTC in USD
 0.02574 
(0.00945)  26.85%
Market Cap: 1.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Cexio Ethereum is expected to generate 4.85 times less return on investment than HitBTC DigitalNote. But when comparing it to its historical volatility, Cexio Ethereum USD is 3.56 times less risky than HitBTC DigitalNote. It trades about 0.19 of its potential returns per unit of risk. HitBTC DigitalNote USD is currently generating about 0.26 of returns per unit of risk over similar time horizon. If you would invest  1.12  in HitBTC DigitalNote USD on December 17, 2017 and sell it today you would earn a total of  2.4  from holding HitBTC DigitalNote USD or generate 214.2% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Cexio Ethereum and HitBTC DigitalNote
0.74

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 Cexio Ethereum USD 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 Cexio Ethereum 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 Cexio Ethereum 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 Cexio Ethereum i.e. Cexio Ethereum and HitBTC DigitalNote go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Cexio Ethereum USD

  
12 

Risk-Adjusted Performance

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

HitBTC DigitalNote USD

  
17 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigitalNote USD are ranked lower than 17 (%) of all global equities and portfolios over the last 30 days.