Pair Correlation Between Coinbase Bitcoin and HitBTC DigiByte

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

Coinbase

Bitcoin on Coinbase in USD
 11,967 
637.49  5.63%
Market Cap: 1659.4 B

HitBTC

DigiByte on HitBTC in USD
 0.0651 
0.009  16.04%
Market Cap: 35.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Coinbase Bitcoin USD is expected to under-perform the HitBTC DigiByte. But the crypto apears to be less risky and, when comparing its historical volatility, Coinbase Bitcoin USD is 2.36 times less risky than HitBTC DigiByte. The crypto trades about -0.11 of its potential returns per unit of risk. The HitBTC DigiByte USD is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  5.31  in HitBTC DigiByte USD on December 20, 2017 and sell it today you would earn a total of  1.2  from holding HitBTC DigiByte USD or generate 22.6% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Coinbase Bitcoin and HitBTC DigiByte
0.75

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 Coinbase Bitcoin USD and HitBTC DigiByte USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC DigiByte USD and Coinbase Bitcoin 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 Coinbase Bitcoin USD are associated (or correlated) with HitBTC DigiByte. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC DigiByte USD has no effect on the direction of Coinbase Bitcoin i.e. Coinbase Bitcoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Coinbase Bitcoin USD

  
0 

Risk-Adjusted Performance

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

Coinbase Bitcoin USD

Pair trading matchups for Coinbase Bitcoin

HitBTC DigiByte USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte