Pair Correlation Between HitBTC DigitalCash and BitTrex Ethereum

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

HitBTC

DigitalCash on HitBTC in USD
 795.58 
(87.14)  9.87%
Market Cap: 2.6 B

BitTrex

Ethereum Classic on BitTrex in USD
 30.06 
(3.06)  9.24%
Market Cap: 88.6 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the BitTrex Ethereum. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.54 times less risky than BitTrex Ethereum. The crypto trades about -0.14 of its potential returns per unit of risk. The BitTrex Ethereum Classic USD is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest  2,876  in BitTrex Ethereum Classic USD on December 22, 2017 and sell it today you would earn a total of  354  from holding BitTrex Ethereum Classic USD or generate 12.31% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and BitTrex Ethereum
0.43

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding HitBTC DigitalCash USD and BitTrex Ethereum Classic USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BitTrex Ethereum Cla and HitBTC DigitalCash 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 DigitalCash USD are associated (or correlated) with BitTrex Ethereum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BitTrex Ethereum Cla has no effect on the direction of HitBTC DigitalCash i.e. HitBTC DigitalCash and BitTrex Ethereum go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

HitBTC DigitalCash USD

  
0 

Risk-Adjusted Performance

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

HitBTC DigitalCash USD

Pair trading matchups for HitBTC DigitalCash

BitTrex Ethereum Cla

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum