Pair Correlation Between HitBTC DigitalCash and HitBTC PeerCoin

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

HitBTC

DigitalCash on HitBTC in USD
 816.6 
(9.33)  1.13%
Market Cap: 2.6 B

HitBTC

PeerCoin on HitBTC in USD
 5.45 
0.21  4.01%
Market Cap: 206.1 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalCash USD is expected to under-perform the HitBTC PeerCoin. But the crypto apears to be less risky and, when comparing its historical volatility, HitBTC DigitalCash USD is 1.96 times less risky than HitBTC PeerCoin. The crypto trades about -0.13 of its potential returns per unit of risk. The HitBTC PeerCoin USD is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest  558  in HitBTC PeerCoin USD on December 19, 2017 and sell it today you would lose (34)  from holding HitBTC PeerCoin USD or give up 6.09% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between HitBTC DigitalCash and HitBTC PeerCoin
0.16

Parameters

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

Diversification

Average diversification

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

HitBTC PeerCoin USD

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC PeerCoin USD are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.

HitBTC PeerCoin USD

Pair trading matchups for HitBTC PeerCoin