Pair Correlation Between BitTrex Ethereum and HitBTC ByteCoin

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

BitTrex

Ethereum Classic on BitTrex in USD
 29.5 
(5.65)  16.07%
Market Cap: 88.6 M

HitBTC

ByteCoin on HitBTC in USD
 0.00656 
(0.0013)  16.54%
Market Cap: 476.8 K
 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, BitTrex Ethereum is expected to generate 2.7 times less return on investment than HitBTC ByteCoin. But when comparing it to its historical volatility, BitTrex Ethereum Classic USD is 2.34 times less risky than HitBTC ByteCoin. It trades about 0.09 of its potential returns per unit of risk. HitBTC ByteCoin USD is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest  0.59  in HitBTC ByteCoin USD on December 22, 2017 and sell it today you would earn a total of  0.07  from holding HitBTC ByteCoin USD or generate 11.67% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between BitTrex Ethereum and HitBTC ByteCoin
0.52

Parameters

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

Diversification

Very weak diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

BitTrex Ethereum Cla

  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in BitTrex Ethereum Classic USD are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.

BitTrex Ethereum Classic USD

Pair trading matchups for BitTrex Ethereum

HitBTC ByteCoin USD

  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in HitBTC ByteCoin USD are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.