Pair Correlation Between Poloniex Bitcoin and HitBTC Bitcoin

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

Poloniex

Bitcoin on Poloniex in USD
 18,743 
(376.75)  1.97%
Market Cap: 581.1 B
(12.74)
0.067971% Risk Free Arbitrage
All Coins Bitcoin Arbitrage Bitcoin Correlation

HitBTC

Bitcoin on HitBTC in USD
 18,756 
(398.28)  2.08%
Market Cap: 1379.5 B
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Bitcoin is expected to generate 1.0 times less return on investment than HitBTC Bitcoin. But when comparing it to its historical volatility, Poloniex Bitcoin USD is 1.12 times less risky than HitBTC Bitcoin. It trades about 0.5 of its potential returns per unit of risk. HitBTC Bitcoin USD is currently generating about 0.45 of returns per unit of risk over similar time horizon. If you would invest  800,941  in HitBTC Bitcoin USD on November 18, 2017 and sell it today you would earn a total of  1,114,486  from holding HitBTC Bitcoin USD or generate 139.15% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Poloniex Bitcoin and HitBTC Bitcoin
0.98

Parameters

Time Period1 Month [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 Poloniex Bitcoin USD and HitBTC Bitcoin USD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on HitBTC Bitcoin USD and Poloniex Bitcoin 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 Poloniex Bitcoin USD are associated (or correlated) with HitBTC Bitcoin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HitBTC Bitcoin USD has no effect on the direction of Poloniex Bitcoin i.e. Poloniex Bitcoin and HitBTC Bitcoin go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Poloniex Bitcoin USD

  
32 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Poloniex Bitcoin USD are ranked lower than 32 (%) of all global equities and portfolios over the last 30 days.

HitBTC Bitcoin USD

  
29 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC Bitcoin USD are ranked lower than 29 (%) of all global equities and portfolios over the last 30 days.