Pair Correlation Between Bitfinex Recovery and HitBTC DigiByte |
This module allows you to analyze existing cross correlation between Bitfinex Recovery Right Tokens USD and HitBTC DigiByte USD. You can compare the effects of market volatilities on Bitfinex Recovery 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 Bitfinex Recovery with a short position of HitBTC DigiByte. See also your portfolio center. Please also check ongoing floating volatility patterns of Bitfinex Recovery and HitBTC DigiByte.
| Time Horizon | 30 Days Login to change |
| Symbols | vs |
Bitfinex Recovery Right Tokens vs. HitBTC DigiByte USD
BitfinexRecovery Right Tokens on Bitfinex in USD 0.06135
| HitBTCDigiByte on HitBTC in USD 0.03991
|
Pair Volatility
Assuming 30 trading days horizon, Bitfinex Recovery is expected to generate 28.4 times less return on investment than HitBTC DigiByte. In addition to that, Bitfinex Recovery is 1.14 times more volatile than HitBTC DigiByte USD. It trades about 0.0 of its total potential returns per unit of risk. HitBTC DigiByte USD is currently generating about 0.06 per unit of volatility. If you would invest 3.49 in HitBTC DigiByte USD on March 27, 2018 and sell it today you would earn a total of 0.41 from holding HitBTC DigiByte USD or generate 11.75% return on investment over 30 days.
Pair Corralation between Bitfinex Recovery and HitBTC DigiByte
0.75
| Time Period | 2 Months [change] |
| Direction | Positive |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Poor diversification
Overlapping area represents the amount of risk that can be diversified away by holding Bitfinex Recovery Right Tokens 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 Bitfinex Recovery 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 Bitfinex Recovery Right Tokens 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 Bitfinex Recovery i.e. Bitfinex Recovery and HitBTC DigiByte go up and down completely randomly.
Comparative Volatility
| Bitfinex Recovery Right |
0 Risk-Adjusted Performance
Risk-Adjusted PerformanceOver the last 30 days Bitfinex Recovery Right Tokens USD has generated negative risk-adjusted returns adding no value to investors with long positions.
Bitfinex Recovery Right Tokens USD
Pair trading matchups for Bitfinex Recovery
| HitBTC DigiByte USD |
3 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in HitBTC DigiByte USD are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
HitBTC DigiByte USD
Pair trading matchups for HitBTC DigiByte
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See also your portfolio center. Please also try Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.