Pair Correlation Between Poloniex Augur and HitBTC DigiByte

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

Poloniex Augur USD  vs.  HitBTC DigiByte USD

Poloniex

Augur on Poloniex in USD
 39.91 
1.21  3.13%
Market Cap: 14.4 M
  

HitBTC

DigiByte on HitBTC in USD
 0.0357 
0.00205  6.09%
Market Cap: 6.5 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Poloniex Augur is expected to generate 4.04 times less return on investment than HitBTC DigiByte. In addition to that, Poloniex Augur is 1.03 times more volatile than HitBTC DigiByte USD. It trades about 0.01 of its total potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.03 per unit of volatility. If you would invest  3.36  in HitBTC DigiByte USD on March 23, 2018 and sell it today you would earn a total of  0.00  from holding HitBTC DigiByte USD or generate 0.15% return on investment over 30 days.

Pair Corralation between Poloniex Augur and HitBTC DigiByte

0.67
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Poloniex Augur USD  
0 

Risk-Adjusted Performance

Over the last 30 days Poloniex Augur USD has generated negative risk-adjusted returns adding no value to investors with long positions.
HitBTC DigiByte USD  
2 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

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