Pair Correlation Between Gatecoin Litecoin and HitBTC DigiByte

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

Gatecoin

Litecoin on Gatecoin in USD
 250 
150  150%
Market Cap: 1.5 M

HitBTC

DigiByte on HitBTC in USD
 0.0602 
(0.004)  6.23%
Market Cap: 35.3 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Gatecoin Litecoin USD is expected to under-perform the HitBTC DigiByte. But the crypto apears to be less risky and, when comparing its historical volatility, Gatecoin Litecoin USD is 1.05 times less risky than HitBTC DigiByte. The crypto trades about -0.12 of its potential returns per unit of risk. The HitBTC DigiByte USD is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  3.94  in HitBTC DigiByte USD on December 18, 2017 and sell it today you would earn a total of  2.08  from holding HitBTC DigiByte USD or generate 52.79% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Gatecoin Litecoin and HitBTC DigiByte
0.5

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy96.77%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Gatecoin Litecoin 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 Gatecoin Litecoin 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 Gatecoin Litecoin 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 Gatecoin Litecoin i.e. Gatecoin Litecoin and HitBTC DigiByte go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Gatecoin Litecoin USD

  
0 

Risk-Adjusted Performance

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

Gatecoin Litecoin USD

Pair trading matchups for Gatecoin Litecoin

HitBTC DigiByte USD

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

HitBTC DigiByte USD

Pair trading matchups for HitBTC DigiByte