This module allows you to analyze existing cross correlation between HitBTC ByteCoin USD and Cexio Ethereum USD. You can compare the effects of market volatilities on HitBTC ByteCoin and Cexio Ethereum 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 HitBTC ByteCoin with a short position of Cexio Ethereum. See also your portfolio center
. Please also check ongoing floating volatility patterns of HitBTC ByteCoin
and Cexio Ethereum
HitBTC ByteCoin USD vs. Cexio Ethereum USD
Assuming 30 trading days horizon, HitBTC ByteCoin USD is expected to generate 1.42 times more return on investment than Cexio Ethereum. However, HitBTC ByteCoin is 1.42 times more volatile than Cexio Ethereum USD. It trades about 0.06 of its potential returns per unit of risk. Cexio Ethereum USD is currently generating about -0.04 per unit of risk. If you would invest 0.46 in HitBTC ByteCoin USD on March 25, 2018 and sell it today you would earn a total of 0.06 from holding HitBTC ByteCoin USD or generate 12.55% return on investment over 30 days.
Pair Corralation between HitBTC ByteCoin and Cexio Ethereum
|Time Period||2 Months [change]|
Very weak diversification
Overlapping area represents the amount of risk that can be diversified away by holding HitBTC ByteCoin USD and Cexio Ethereum USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Cexio Ethereum USD and HitBTC ByteCoin 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 HitBTC ByteCoin USD are associated (or correlated) with Cexio Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cexio Ethereum USD has no effect on the direction of HitBTC ByteCoin i.e. HitBTC ByteCoin and Cexio Ethereum go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days Cexio Ethereum USD has generated negative risk-adjusted returns adding no value to investors with long positions.
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