Pair Correlation Between HitBTC DigitalNote and Poloniex Stellar

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

HitBTC DigitalNote USD  vs.  Poloniex Stellar USD

HitBTC

DigitalNote on HitBTC in USD
 0.01442 
0.0012  9.08%
Market Cap: 457.2 K
  

Poloniex

Stellar on Poloniex in USD
 0.36 
0.0046  1.31%
Market Cap: 2.1 M
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, HitBTC DigitalNote USD is expected to under-perform the Poloniex Stellar. In addition to that, HitBTC DigitalNote is 1.18 times more volatile than Poloniex Stellar USD. It trades about -0.06 of its total potential returns per unit of risk. Poloniex Stellar USD is currently generating about -0.01 per unit of volatility. If you would invest  44.18  in Poloniex Stellar USD on March 20, 2018 and sell it today you would lose (8.57)  from holding Poloniex Stellar USD or give up 19.4% of portfolio value over 30 days.

Pair Corralation between HitBTC DigitalNote and Poloniex Stellar

0.93
Time Period2 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification

Almost no diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
HitBTC DigitalNote USD  
0 

Risk-Adjusted Performance

Over the last 30 days HitBTC DigitalNote USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Poloniex Stellar USD  
0 

Risk-Adjusted Performance

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

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1079.42

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of macroaxis ideas.